Canadian stocks turned to the upside again on Friday, led by further strength in the mining sector. With the gain, Toronto's main index recovered most of its losses from yesterday and moved above 9,400 again.
The S&P/TSX Composite Index has added 80.99 points or 0.86% to move at 9,405.82. Yesterday, the index reached its highest level since November above 9,500 before drifting lower.
Mining stocks once again led the gainers with a 3.75% rise. Copper prices gained another 1% to move further above $2 a pound on the Comex.
Teck Resources (TCK-B.TO) has rallied nearly 6% after the company said it executed definitive amended and restated credit agreements and related documents, giving effect to the bridge and term loan extension announced on April 21, 2009.
Lundin Mining (LUN.TO) gained 3.7% after it announced the appointment of Marie Inkster as Chief Financial Officer, effective today. Inkster succeeds Ted Mayers to the position. Inkster joined Lundin in September 2008 as Vice President, Finance.
Uranium producer Cameco (CCO.TO) is up 1.2% despite announcing its net income dropped to C$82 million or $0.22 per share, down from C$133 million or$0.37 cents per share a year earlier.
Energy stocks are up 1.8% as crude oil prices jumped above $52 a barrel on the NYMEX. Suncor (SU.TO) has gained 4%, Canadian Oil Sands (COS.UN.TO) is 2.6% and Canadian Natural Resources (CNQ.TO) has added 2.1%.
In other corporate news, Domtar Corp. (UFS.TO) has dropped 2.8% after the company reported a first quarter net loss of US$45 million US$0.09 per share, compared to net earnings of US$36 million or US$0.07 per share for the first quarter of 2008.
Fairfax Financial Holdings Ltd. (FFH.TO) is down 0.4% after the company posted a net loss of $60.4 million or $3.55 per share, compared to net earnings of $631.8 million or $33.78 per share in the prior year period.
TransCanada (TRP.TO) shares are flat after the company reported net income for first quarter 2009 of C$334 million, or C$0.54 per share, compared to C$449 million, or C$0.83 per share, for first quarter 2008.
ATCO (ACO-X.TO) has gained nearly 2% after the company reported adjusted first-quarter earnings of C$96.1 million or C$1.66 per share, compared to C$92.3 million or C$1.60 per share for the same three months in 2008.
On the economic front across the border, the Reuters/University of Michigan's revised reading on consumer sentiment in April came in at 65.1, compared to 57.3 in the month of March. Meanwhile, march factory orders fell 0.9% in March, while the ISM manufacturing index climbed to 40.1 for April.
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