(RTTNews) - Canadian stocks may pause for a breather Wednesday after the main index rallied nearly 3% in the past two sessions, recovering its previous week's losses.
Moreover, the price of crude oil has failed to move up convincingly after hitting a two-week high in the previous session, ahead of inventories data from the U.S. Also traders were digesting mixed clues form the earnings reports so far released from major oil companies, including Suncor and Imperial.
The U.S. stock futures were almost flat.
The S&P/TSX Composite Index ended higher for the second session Tuesday, adding 90.79 points or .0.80% to 11,408.34, levels not seen in the previous week.
The price of oil was hovering near its two-week high, up $0.13 to $77.36 a barrel, after hitting an intraday high above $78. The price of bullion was steady near its three-week high at $1,115 an ounce.
In corporate news, integrated oil company Imperial Oil (IMO.TO) announced that its fourth-quarter net income fell to C$0.62 per share from C$0.76 per share for the same period of 2008.
Meanwhile, oil and natural gas distributor Enbridge Inc. (ENB.TO) said its fourth-quarter earnings applicable to common shareholders increased to C$0.80 per share from C$0.71 per share in the prior year period. Further, it announced a quarterly dividend increase of 15% to C$0.425 per common share effective March 1, 2010.
In brokerage updates, Goldman Sachs added Canadian Natural Resources (CNQ.TO) to conviction buy list, while removing Suncor Energy (SU.TO) from the list.
In M&A space, Maxam Opportunities Fund backed away from its to bid to acquire merchant banker C.A. Bancorp (BKP.TO) as the latter demanded $1.60 per share, against the $1.48 offer. On Tuesday, C.A. Bancorp stock closed at C$1.410.
In news bullish to potash miners, Russian based distributor Belarusian Potash said it has hiked potash prices in tandem with the recovery in demand.
Gold miner Iamgold Corp. (IMG.TO) announced plans to hike its gold output to about 1 million ounces in 2010 from the 0.93 million ounces in 2009, helped by new mine at Burkina Faso.
Semiconductor maker Mosaid Technologies (MSD.TO) announced plans to sell at least 1.25 million shares at C$21.65 a share.
Biotechnology company Labopharm (DDS.TO) said it got approval from the US FDA for its antidepressant, enabling it's release later this year.
Data mining software solutions provider Angoss Software (ANC.V) reported fourth quarter net loss and comprehensive loss of C$0.01 per share, compared to net income of C$0.03 per share in the prior year.
