RTTNews - Toronto stocks rallied on Tuesday, recouping much of yesterday's plunge, and moved off of a 2 1/2-week low. Strength in the mining and technology sectors led the way.
The S&P/TSX Composite Index surged 142.25 points or 1.35% to move at 10,673.84. The market posted its lowest close of August on Tuesday as global stocks fell amid worries the economy may be slow to recover.
Mining stocks added 2.4% to lead the gainers. First Quantum (FM.TO) added 5.7% and Teck Resources (TCK.B.TO) rose 1.2%.
Technology stocks rose 2.3%. Research In Motion (RIM.TO) rose $4.3% after the Blackberry maker had its target price raised to $150 from $100 at RBC Capital Markets. The stock maintained an Outperform rating.
Energy stocks climbed 1.9% as crude oil jumped above $69 per barrel. Encana (ECA.TO) rose 2.7%, Canadian Oil Sands (COS.UN.TO) added 2.4% and Canadian Natural Resources (CNQ.TO) climbed 1.7%.
Cequence Energy (CQE.TO) slipped 2.6% after the company said that it agreed to buy certain oil and gas producing properties from one of the major publicly traded oil and natural gas company as well as from a private concern. The deal price is valued at about $19 million in cash.
Gran Tierra Energy (GTE.TO) rose 1.7% after the company said it has resumed regular production operations in the Putumayo Basin of Southern Colombia.
In other corporate news, National Bank of Canada (NA.TO) rose 1.9% after its stock was upgraded to Buy from Hold at Genuity Capital Markets. The Financial Index inched up 0.4%.
WebTech Wireless (WEW.TO) gained 4.2% after the company said it has received an order for 500 model WT5000 Locators from Bridge Security for their customer Vodafone Ghana.
On Monday, the S&P/TSX Composite Index dropped 316.42 points or 2.9% to close at 10,480.18. This marks the lowest close since July 29.
Canadian consumer price index data is due on Wednesday at 8:30 a.m. ET. CPI is expected to rise 0.3% year-over year, compared to an 0.8% drop last year and rise 0.3% month-on-month, compared to an 0.2% decline in June.
Leading index data is coming at the same time. A rise of 0.2% is expected in July, compared to an 0.1% drop in June.
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