Toronto stocks have rallied again in early trading, adding to yesterday's gains. Strength in the mining and gold sectors have again helped the market higher.
The S&P/Composite Index has added 83.05 points or 0.95% to move at 8,803.44. The index hit a 10-day low earlier this week.
Mining stocks are up 1.9% to lead the way Ivanhoe Mines (IVN.TO) was among the top gainers, rising 7.6%, after announcing its fourth quarter net loss narrowed to $160 million, compared to a loss of $253.6 million a year ago.
Gold stocks are up 1.5% as the precious metal has gained $4.80 on the Comex. Barrick Gold (ABX.TO) has rallied 2.7% and Seabridge Gold (SEA.TO) is up 2%.
In corporate news, GLG Life Tech (GLG.TO) has dropped 6.25% after the company reported a net loss for its fourth quarter of C$7.12 million or C$0.10 per share, compared to net income of C$456,000 or C$0.01 per share in the previous year. However, revenue for the quarter climbed 25% and GLG Life Tech expects revenues between C$50 million and C$60 million in 2009, with stevia operations expected to account for 100% of revenue growth.
Research In Motion (RIM.TO) has edged up 4.3% after the BlackBerry phone maker announced the launch of the BlackBerry App World, a new on-device application store for BlackBerry smartphones, which enables users to easily download a wide range of applications directly from their BlackBerry smartphone.
AbitibiBowater (ABH.TO) has plunged 17.1% after announcing it is evaluating new restructuring alternatives and is currently in active discussions with lenders and debt holders of its Bowater Incorporated subsidiary to restructure Bowater's debt and implement alternatives for maintaining adequate liquidity levels.
Meanwhile, Royal Bank of Canada (RY.TO) executive Gordon Nixon said Canada's biggest banks are sound financially and he doesn't think they will need to use the government's C$218 billion debt backstop program.
Across the border, Automatic Data Processing's monthly report showed that non-farm private employment fell by 742,000 jobs in March following a revised decrease of 706,000 jobs in February. Economists had expected a decrease of 663,000 jobs compared to the decrease of 697,000 jobs originally reported for the previous month.
On Tuesday, the S&P/TSX Composite Index rallied 124.17 or 1.44% to end at 8,720.39. The rally took the index away from the 10-day closing low from the day before.
For comments and feedback: contact email@example.com