4 Stocks Driving The Basic Materials Sector Higher

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All three major indices are trading down today with the Dow Jones Industrial Average ( ^DJI) trading down 41 points (-0.3%) at 14,800 as of Friday, Aug. 30, 2013, 12:50 PM ET. The NYSE advances/declines ratio sits at 850 issues advancing vs. 2,040 declining with 117 unchanged.

The Basic Materials sector currently sits down 0.4% versus the S&P 500, which is down 0.3%. Top gainers within the sector include Potash Corporation of Saskatchewan ( POT), up 0.9%, and Monsanto Company ( MON), up 1.1%. On the negative front, top decliners within the sector include Barrick Gold Corporation ( ABX), down 2.2%, Total ( TOT), down 1.4%, Petroleo Brasileiro SA Petrobras ( PBR), down 1.2%, Royal Dutch Shell ( RDS.A), down 1.1% and BP ( BP), down 0.6%.

TheStreet would like to highlight 4 stocks pushing the sector higher today:

4. Imperial Oil ( IMO) is one of the companies pushing the Basic Materials sector higher today. As of noon trading, Imperial Oil is up $0.29 (0.7%) to $42.28 on light volume. Thus far, 57,980 shares of Imperial Oil exchanged hands as compared to its average daily volume of 216,800 shares. The stock has ranged in price between $42.10-$42.38 after having opened the day at $42.14 as compared to the previous trading day's close of $41.99.

Imperial Oil Limited engages in the exploration, production, and sale of crude oil and natural gas in Canada. The company operates through three segments: Upstream, Downstream, and Chemical. Imperial Oil has a market cap of $36.2 billion and is part of the energy industry. Shares are down 0.6% year to date as of the close of trading on Thursday. Currently there is 1 analyst that rates Imperial Oil a buy, 1 analyst rates it a sell, and 3 rate it a hold.

TheStreet Ratings rates Imperial Oil as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income. Get the full Imperial Oil Ratings Report now.

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