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Mar. 30, 2010 (Baystreet.ca) --
Canadian stocks will look to sustain recent gains Tuesday amid recovery in energy prices. The S&P/TSX Composite Index was 23.84 points higher in the first half-hour of trading, to 12,053.56 However, stock specific activity may drive the market, with a host of small cap companies announcing their financial results. Positive corporate news, such as Bombardier finalizing a $3.85 billion finance deal from China and Yellow Media acquiring Canadian Phone Directories for $225 million, may improve sentiment. However, anxiety over a slew of upcoming data from across the border over the week may keep the traders cautious. In corporate news, Bombardier Inc. signed a $3.85-billion-U.S. financing deal with CDB Leasing, China Development Bank Corp.'s leasing arm. Media and marketing company Yellow Media said it will acquire Canadian Phone Directories Holdings Inc. from an investor group led by private equity firm HM Capital Partners for $225 million. Paper manufacturer Catalyst Paper said on Monday that it would restart the second line of pulp production at its Crofton NBSK kraft mill in early May, taking advantage of a stronger market. Petroleum and natural gas explorer Tango Energy reported fourth quarter net loss of C$0.01 per share, compared to a net loss of $0.01 per share in the previous year quarter. Oil and gas industry services provider Enterprise Oilfield Group reported $2.2 million net loss for the fourth quarter, compared to $13.6 million net loss in the same quarter a year-ago. Mineral explorer First Nickel reported narrower fourth-quarter net loss of $0.01 per share, compared to a net loss of $0.14 per share in the last year quarter. Precious metals explorer Talon Metals reported narrower fourth-quarter net loss of $0.02 per share, compared to a net loss of $0.11 per share in the prior year quarter. Food products dealer CoolBrands International reported a second quarter net loss of $0.02 per share, compared to net income of $0.01 per share in same period last year. Food products retailer Dominion Citrus Income Fund reported a fourth quarter net loss of $0.02 per share, compared to net income of $0.01 per share in the same period last year. Clean energy products maker Xebec Adsorption slipped to loss, reporting fourth quarter net loss of $0.42 per share, compared to net income of $0.08 per share in last year. Specialty wood products maker Hardwoods Distribution Income Fund posted narrower fourth quarter net loss of $0.038 per unit, compared to a net loss of $0.898 per unit in the last year quarter. Real estate properties dealer MI Developments reported fourth-quarter net loss of $1.56 per share, wider than $1.17 per share in the same period last year. Medical devices technology company Imaging Dynamics Company reported a narrower fiscal 2009 net loss of $0.07 per share, compared to a loss of $0.21 per share in the last year. Another medical devices technology company Novadaq Technologies reported a wider fourth-quarter net loss of $0.22 per share from $0.14 per share a year earlier. In economic news, Statistics Canada said the Industrial Product Price Index was unchanged in February, after advancing for the past three months. Meanwhile, the Raw Materials Price Index was up 0.4%, largely due to higher prices of mineral fuels. The Canadian dollar picked up 0.44 cents to 98.35 cents U.S. ON BAYSTREET Of the 14 TSX subgroups, eight were higher in the first half-hour or so. Global base metals vied for top spot among gainers with telecoms, each up 0.6%, followed by industrials, up 0.5%. Gold lost 0.8% of its luster in the early going to weigh down the six losing groups, followed by information technology, settling 0.6%, and materials, down 0.4%. The TSX Venture Exchange slipped 1.98 points to 1,570.25. The Nasdaq Canada index fell back 12.54 points to 800.91. ON WALLSTREET In New York, stocks started Tuesday slightly higher, continuing the recent trek upward, as the market digested a downbeat housing report and awaited data expected to show consumer confidence rose this month. The Dow Jones industrial average added 20.93 points soon after the opening bell to 10,916.79. The S&P 500 index gained 2.06 points to 1,175.28, while the tech-rich Nasdaq tacked on 7.48 points to 2,411.84. Tuesday's economic reports will probably not be "market-moving events," according to one expert. However, he added that stocks have benefited recently from strength in commodity prices, such as crude oil and gold, which have been boosted by the weaker U.S. dollar. Stocks finished higher Monday, pushing the Dow to its highest level in 18 months, after a report from the Commerce Department showed that consumer spending rose 0.3% in February. Economically speaking, the S&P/Case-Shiller 20-city home price index showed that prices were down 0.4% in January, compared with December. Prices were down 0.7% from a year ago. Economists surveyed by Briefing.com had expected prices to have fallen 0.6% in January versus a year earlier. In December, the index plunged 3.1%. The Consumer Confidence index from the Conference Board, due at 10 a.m. ET, was expected to have risen to 51 in March from 46 in February, according to the Briefing.com consensus. Shares of Apple surged to a fresh all-time high late Monday after The Wall Street Journal reported that the company is developing an iPhone for Verizon. The iPhone is currently only available on the AT&T network. The report, citing unnamed sources, said a new version of the iPhone should be ready for release this summer. The price of the benchmark 10-year note slipped, to raise the yield to 3.90% from Monday's 3.86%. Treasury prices and yields move in opposite directions. The price of a barrel of oil gained a dime to $82.37 U.S. Gold prices gave back two dollars to $1,110 U.S.