RTTNews - Canadian stocks remained notably higher on Tuesday morning, boosted by commodities. Traders returned from a three-day weekend in a buying mood after U.S. and European stocks started the week with big gains yesterday.
The S&P/TSX Composite Index has rallied 175.30 points or 1.62% to 10,962.65. The index is on pace for its best finish in eight months.
Mining stocks rallied 4%, boosted by copper's sharp rally yesterday. Inmet (IMN.TO) has added 4.3%, First Quantum (FM.TO) has rallied 4.2% and Teck Resources (TCK.B.TO) is up 3.4%.
Industrials are up 2.75% as Canadian Pacific (CP.TO) has added 6.5% and Canadian National Railway (CNR.TO) is up 2.7%.
Energy stocks are up 2.3% as crude oil turned into positive territory. Suncor Energy (SU.TO) is up 4.3% after the company announced the completion of its merger with oil and gas company Petro-Canada on August 1.
In other corporate news, Kinross (K.TO) is up 2.5% after the company said employees at its subsidiary Compania Minera Mantos de Oro in Chile have voted in favor of a new collective agreement, ending a strike at the La Copia mine that began in July 2008.
Barrick Gold (ABX.TO) has added 2.6% despite being downgraded to Sector Perform from Sector Outperform at CIBC World Markets.
Saputo (SAP.TO) has added 4.5% after the company said its first-quarter net earnings totaled C$84.8 million or C$0.41 per share, up from C$83.0 million or C$0.40 per share in the prior year period.
Orvana Minerals Corp. (ORV.TO) is up 1.3% after the company announced that it has extended its all-cash offer of C$0.75 per share for all outstanding common shares of Kinbauri Gold Corp. (KNB.V) The bid is now set to expire on August 17.
Adaltis Inc. (ADS.TO) has dropped 1% after the company said it has filed a voluntary assignment in bankruptcy under the Bankruptcy and Insolvency Act (Canada) in order to effect an orderly liquidation of its assets, property and operations.
Domtar Corp. (UFS.TO) has surged more than 20% after the company said its net earnings for the second quarter were US$48 million or US$1.12 per share, up from US$24 million or US$0.56 per share in the prior year quarter.
Bay Street stocks rallied to their highest level in almost eight months on Friday. The S&P/TSX Composite Index rallied 110.43 points or 1.03% to settle at 10,787.15.
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