RTTNews - Toronto stocks have surged to a nine-day high on Thursday, following the lead of U.S. stocks, as investors considered employment data on both sides of the border. Strength in the energy and gold sectors led the Bay Street market higher.
The S&P/TSX Composite Index has jumped 218.90 points or 2.16% to move at 10,319.31. The index now has completely erased a 4.4% plunge on Monday.
Energy stocks have added 3.9% as crude oil moved above $70 per barrel. Baytex Energy (BTE.UN.TO) is up 4% after being upgraded to Outperform from Sector Perform at RBC Capital Markets.
Talisman Energy (TLM.TO) has climbed 2% after the stock was upgraded by Goldman Sacks to Neutral from Sell.
Gold stocks are up 3.5% and materials have risen 2.8% as the precious metal has climbed $3.80 to $938.30 per ounce. Iamgold (IMG.TO) has jumped 3.3% after being upgraded to Buy from Market Perform at Cormark Securities.
In other big names, Eldorado (ELD.TO) has surged 8.1%, Iamgold (IMG.TO) has added 7.5% and Barrick Gold (ABX.TO) is up 4.25%.
Mining stocks have also risen 2.5%. First Quantum (FM.TO) is up 3% and HudBay (HBM.TO) has added 2.6%.
In corporate news, Mad Catz Interactive (MCZ.TO) has plunged 19.5% after the company reported a fourth-quarter net loss of US$3.7 million or US$0.07 per share, compared to a loss of US$0.8 million or US$0.02 per share in the same quarter last year. Net sales for the fourth quarter were US$22.8 million, up 3.9% from US$21.9 million in the comparable quarter last year.
Wi-LAN (WIN.TO) is down 4.1% after the company said it signed bought deal agreement with a syndicate of underwriters to sell 8 million common shares at a price of $2.05 per common share for gross proceeds of $16.4 million.
Statistics Canada revealed non-farm payrolls dropped 51,400 in the month of April, down 0.4% from the previous month. In the U.S., a Labor Department report showed that initial jobless claims rose to 627,000 from the previous week's revised figure of 612,000.
Also across the border, a Commerce Department report showed that gross domestic product fell at an annual rate of 5.5 percent in the first quarter compared to the 5.7 percent decrease that had been reported. The revision came as a surprise to economists, who had expected the drop in GDP to be unchanged at 5.7 percent.
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