RTTNews - Canadian stocks remain notably higher on Friday as traders prepare for a three-day holiday weekend. Resource stocks continue to lead the gainers in Toronto.

The S&P/TSX Composite Index has rallied 132.49 points or 1.24% to move at 10,809.16. The market is closed Monday for Civic Day.

Gold stocks have added 3.6% and materials stocks are up 2.3% as the previous metal surged on the Comex. Eldorado Gold (ELD.TO) has jumped 4.9%% after the company reported second quarter earnings of US$0.07 per share, compared US$0.07 per share in the year-ago quarter.

In other corporate news, Quadra Mining Ltd. (QUA.TO) has added 1.9% after Credit Suisse initiated coverage of the stock with a Neutral rating and a price target of C$12.

Pengrowth Energy (PGF.UN.TO) has dropped 0.1% after the stock was initiated at Hold by Canaccord Adams.

Sierra Wireless (SW.TO) has declined 2.5% after the company reported second quarter net loss of US$5.87 million or US$0.19 per share, compared to net income of US$10.97 million or US$0.35 per share in the same quarter of last year. Analysts expected the company to report earnings of US$0.26 per share.

Norbord (NBD.TO) has gained 5% after the company reported a second-quarter net loss of US$18 million or US$0.04 per share compared to a loss of US$36 million or US$0.24 per share in the second quarter of 2008.

MethylGene (MYG.TO) has dropped 5.7% after the company reported second quarter net loss of C$6.92 million or C$0.19 per share, compared to net loss of C$7.4 million or C$0.20 per share last year.

TVA Group (TVA.B.TO) has surged 12.2% after the company posted second quarter net income of C$15.2 million or C$0.63 per share, compared to C$12.9 million or C$0.49 per share in the last year quarter.

On the economic front, Statistics Canada reported that the Canadian Gross Domestic Product decreased 0.5% In May. GDP was expected to fall 0.4%, compared to a 0.1% drop in April.

Across the border, the U.S. Commerce Department revealed GDP fell at a pace of 1 percent for the second quarter. Economists had expected GDP to fall at a 1.5 percent pace. This follows a 6.4-percent contraction in the first quarter.

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