RTTNews - Toronto stocks moved modestly higher on Monday morning and drove the main index above 10,000. Trading was lighter than normal with U.S. traders away from their desks for Memorial Day.

The S&P/TSX Composite Index jumped 51.03 points or 0.51% to 10,044.24. Bay Street's main index rallied about 230 points last week

Financials are up 1.6% to lead the way. Bank of Montreal (BMO.TO) is up 2.3%, Toronto-Dominion (TD.TO) is up 1.9% and CIBC (CM.TO) has gained 1.6% to lead the way. Bank of Montreal and Toronto-Dominion, as well as Royal Bank (RY.TO) and Scotiabank (BNS.TO) are set to release earnings later this week.

Telecommunications stocks are showing a 1.5% rise. Rogers Communication (RCI.B.TO) has added 2.9% and Bell Canada (BCE.TO) is up 1.8%.

In corporate news, Magna International (MG.A.TO) is up 3.55 after the automotive supply company said that it along with Sberbank Rossii or Sberbank, has made a non-binding indicative offer to acquire Opel for Euro 700 million, partially backed by German government.

Air Canada (AC.A.TO) is up 3.3% as the Globe and Mail reported the airliner reached a deal with a credit card company to drop unrestricted cash it has on hand, in an effort to maintain financial stability.

Kabel Baden-Wurttemberg announced that it has selected Nortel (NT.TO) to upgrade its cable network to support the latest VoIP and multimedia services. Nortel is down 2.2% on the day.

Taiga Building Products (TBL.TO) reported a net loss for the fourth quarter of C$4.5 million or C$0.14 per share, compared to a loss of C$3.6 million or C$0.11 per share in the year-ago quarter. However, shares have soared nearly 35%.

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