RTTNews - Toronto stocks remained considerably higher in Wednesday afternoon trading, following the lead of U.S. and European markets. Strength in the resource sectors continues to lead the way.
The S&P/TSX Composite Index rose to 228.43 points or 2.28% to move at 10.214.58. The market is on pace for its best close since July 3.
Mining stocks have surged 5% as copper enjoyed a strong day on the Comex. First Quantum (FM.TO) has added 6.6%, Teck Resources (TCK.B.TO) has added 5.5% and Inmet (IMN.TO) is up 5.5%.
Materials stocks are up 3.1% and the Gold Index has added 2.4%. AMong the big names, Goldcorp (G.TO) is up 3.9%, Agnico-Eagle Mines (AEM.TO) has gained 3.75% and Eldorado (ELD.TO) is up 2.3%.
NovaGold Resources (NG.TO) is up 1.5% after the company announced its second-quarter loss narrowed to C$4.8 million or C$0.03 per share compared with C$23.2 million or C$0.22 per share in the prior year period, reflecting reduced exploration expense, foreign exchange gain.
Energy stocks have gained 3% as crude oil has moved above $61 per barrel on the NYMEX. Canadian Oil Sands (COS.UN.TO) is up 5.8%, Suncor (SU.TO) has added 3.8% and Canadian Natural Resources (CNQ.TO) is up 3.7%.
Financials are up 2.35%. CIBC (CM.TO) has climbed 3.1% to lead the way.
On the corporate front, Air Canada (AC.A.TO) has surged 11.4% after the International Association of Machinists and Aerospace Workers reportedly voted to accept a new 21-month contract.
Corus Entertainment (CJR-B.TO) has slipped 2.1% after the company reported that its third-quarter net loss was C$145.0 million or C$1.81 per share, compared to net income of C$37.7 million or C$0.45 per share in the year ago quarter.
CVTech Group (CVT.TO) has added 4.8% after it said it has signed a share purchase agreement for the acquisition of Riggs Distler & Company, effective retroactively to July 1. The deal is worth approximately C$43.0 million.
DragonWave (DWI.TO) has soared 16.7% after the company reported a net loss for the first quarter of C$2.88 million or C$0.10 per share, compared to a net loss of C$1.94 million or C$0.07 per share in the year-ago quarter.
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