Toronto stocks have rallied again on Thursday to reach a multi-month high. Traders mulled over Canadian GDP data that came in as expected and another strong industrial prices report.
The S&P/TSX Composite Index has added 110.79 points or 1.17% to move at 9,527.10. Earlier in the morning, Toronto's main index touched its highest intraday level since early November.
Mining stocks are up 4.6% to lead the market higher again. Teck Cominco (TCK-B.TO) has gained 4.5% after the diversified miner said it signed a deal to sell its 40% interest in the Pogo mine in Alaska to Japanese gold producer Sumitomo Metal Mining for about US$245 million.
Financials have added 2.1% as all of the big six banks are in the green. National Bank (NA.TO) has led the way with a 2.6% jump, while Toronto-Dominion (TD.TO) has added 2% and Scotiabank (BNS.TO) is up 1.9%.
Fortis (FTS.TO) fell 2% after the insurer reported net earnings of C$92 million or C$0.52 per share, compared to C$91 million or C$0.55 per share last year.
Energy stocks are up 1.5%. Canadian Natural Resources (CNQ.TO) has added 2.2%, Suncor (SU.TO) is up 2.1% and Encana (ECA.TO) has added 1.3%.
Canadian Oil Sands (COS.UN.TO) is up 0.3%. The oil-sands producer announced net earnings of C$43 million or $0.09 per unit to C$298 million or $0.62 per unit a year ago.
On the downside, gold stocks have declined 4% as the previous metal has moved sharply lower on the Comex. June-stamped gold has dropped to $882.80 per ounce, down $17.70 for the session.
Agnico-Eagle Mines (AEM.TO) has plunged 7% after announcing first-quarter revenues decreased to US$110.718 million from US$123.655 million last year. The gold producer reported that its first-quarter net earnings increased to US$54.341 million or US$0.35 per share from US$28.908 million or US$0.20 per share last year. On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of US$0.09 per share for the quarter.
In other corporate news, Brick Brewing (BRB.TO) has added 3.4% after the company reported fourth-quarter net loss and comprehensive loss of C$6.7 million or C$0.24 per share, compared to net loss and comprehensive loss of C$1.12 million or C$0.05 per share last year.
JDS Uniphase Corp. (JDU.TO) has plunged 11% after reporting adjusted net loss for the third quarter was $6.9 million or $0.03 per share, compared to net income of $31.2 million or $0.14 per share in the prior year quarter.
Meanwhile, embattled automaker Chrysler LLC will announce bankruptcy Thursday, a White House Administration official said.
The Globe and Mail reported this morning that the Canadian government will backstop the company with financing that will enable it to keep making and selling cars while it restructures.
On the economic front, Canada's real gross domestic product edged down 0.1% in February. Economic activity has declined by 2.4% since October 2008. February's result was in line with analyst estimates.
In a separate report, Statistics Canada revealed that the Canadian industrial prices rose for a second straight month in March. The Industrial Product Price Index rose 0.3% in March following a 0.5% increase in February. The Raw Materials Price Index advanced 12.1% compared with February, pushed up by a strong increase in crude oil prices.
For comments and feedback: contact email@example.com