Toronto stocks closed higher for a fourth straight session on Monday amid light trading and extended its highest close in more than three months.
The S&P/TSX Composite Index rose 98.50 points or 1.07% to 9,285.62. This marks thet highest close for the index since Jan. 6.
Mining stocks jumped another 7.1%. Teck Cominco (TCK.B.TO) has soared 10.6%, Thompson Creek (TCM.TO) gained 5.9%, First Quantum (FM.TO) rose 5.5% and Hudbay (HBM.TO) added 4.1%.
The Materials Index added 2% and gold stocks ended up 1.3%. Iamgold (IMG.TO) rallied 4.5%, New Gold (NGD.TO) gained 4.25%, Eldorado (ELD.TO) gained 4%.
June-dated gold ended at $895.80, up $12.50 for the session. Gold for immediate delivery finished at $894.70, also up $12.50 for the session.
Energy stocks erased early losses and closed up 0.5%. Savanna (SVY.TO) surged 9% to lead the gainers. Baytex (BTE.UN.TO) slipped 1.8% to lead the decliners.
Light sweet crude for May delivery dropped to $50.05, down $2.19 on the day. Prices touched as low as $48.84 after hitting as high as $52.15 in overnight deals.
In corporate news, UTS Energy Corp. (UTS.TO) gave back early gains and ended up a modest 0.5% in afternoon trading as many traders bet the latest takeover bid from Total SA will be rejected. The stock had surged early after Total announced it raised its offer to buy UTS to C$1.75 cash per share, up from C$1.30. The deadline has been extended to 8 p.m. April 27.
Tanzanian Royalty Exploration (TNX.TO) shares plunged 15.1%. The company responded to a recent article in Barron's online website, said that the article shows misunderstanding of the company's business model and provided a less than favorable picture.
Barron's article on Saturday read that Tanzanian Royalty has no revenue, no earnings and no proven gold, as well as some accounting issues. So why do its shares trade at a premium to peers that seem to be in much better shape?
On Thursday, the S&P/TSX Composite Index jumped 217.84 points or 2.43% to 9,187.12. Markets were closed in observance of Good Friday.
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