Toronto's main index remains notably higher in Thursday afternoon trading as higher commodity prices have boosted resource stocks. With the rally, the market has recovered most of the late-day sell-off from the previous session.
The S&P/TSX Composite Index has climbed 104.01 points or 1.12% to 9,383.16 and is on target for a third straight positive close. The index rallied above 9,410 on Wednesday before a sharp decline in the final hour returned most of the day's gains.
Gold stocks have gained 2.5% as the precious metal reached above $900 an ounce on the Comex. Yamana (YRI.TO) has climbed 3.75%, Royal Gold (RGL.TO) has added 3.6%, Barrick Gold (ABX.TO) has gained 3.1% and Goldcorp (G.TO) is up 3%.
Energy stocks are up 2.25% as crude oil added 72 cents to $49.57. Suncor Energy (SU.TO) has risen 3.2% after its first-quarter earnings topped analysts expectations. The company reported earnings of C$227 million or C$0.24 per share, down from C$805 million or C$0.87 per share in the comparable quarter last year.
Tech stocks have gained 1.7%. Celestica (CLS.TO) has jumped 11.1% after the company announced first quarter earnings topped the expectation of analysts. Adjusted net earnings for the quarter were US$29.3 million, or US$0.13 per share, compared to adjusted net earnings of US$35.4 million, or US$0.15 per share, for the same period last year. Analysts expected the company to report earnings of US$0.09 per share.
In other corporate news, Potash Corp. of Saskatchewan (POT.TO) has slipped 2.3% after the company reported a drop in first quarter earnings and also lowered its full-year expectations. The company's first-quarter net income of US$308.3 million or US$1.02 per share, compared to US$566.0 million or US$1.74 per share in the same quarter last year. Rival Agrium (AGU.TO) has lost 2%.
IMAX Corp. (IMX.TO) is up 5.5% after the company announced an agreement with China Film Group Corp. to open an IMAX theatre in a new multiplex development in Tianjin, China.
TLC Vision Corp. (TLC.TO) has surged 12.5%. The company named James Tiffany to replace James Wachtman, who resigned from the company.
On the economic front, Canadian retail sales edged up 0.2% in February to $33.7 billion, according to data released Thursday by Stats Canada. This comes after large declines in retail sales in November and December, followed by a partial recovery in January. February's slight increase was price-driven, as sales were down 0.3% in volume terms.
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