RTTNews - Toronto stocks rebounded on Monday, recovering some of last week's losses. Strength in the financial sector led the market higher.
The S&P/TSX Composite Index has rallied 144.80 points or 1.48% to move at 9,891.93. The market fell more than 500 points last week
The Financial Index gained 2.7%. Royal Bank (RY.TO) added 3%, National Bank (NA.TO) gained 2.6%, Scotiabank (BNS.TO) rose 2.5% and Toronto Dominion (TD.TO) climbed 2.2%.
Mining stocks gained 2.4% as copper gained on the Comex. Teck Resources (TCK.B.TO) rose 5.9%, HudBay (HBM.TO) added 4% and First Quantum (FM.TO) climbed 1.3%.
In corporate news, Air Canada (AC.B.TO) has added 3.8% amid reports the company has narrowly approved a collective agreement for pension funding, averting a strike.
ADF Group (DRX.TO) surged 10.3% after the company announced that it has been granted a major contract of C$77 million in the North America's public infrastructure sector.
After the bell, OSI Geospatial (OSI.TO) reported a net loss for the second quarter of C$1.2 million or C$0.02 per share, compared to a net loss of C$1.3 million or C$0.03 per share for the second quarter of 2008. The stock had gained 6.25% in the session.
On the corporate front tomorrow, new motor vehicle sales data is scheduled for 8:30 a.m. ET. Sales are expected to rise 1% in the month of May after coming in flat for April.
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