RTTNews - Canadian stocks finished notably higher on Thursday, boosted by higher commodity prices. Strong gross domestic product data in the Eurozone fueled hopes of a speedier global economic recovery.
The S&P/TSX Composite climbed 165.69 points or 1.55% to settle at 10,825.56. The gain was the second straight for the index, which recovered losses from earlier in the week.
Mining stocks surged 4.8%. Inmet (IMN.TO) and Teck Resources (TCK.B.TO) each rose 3.9% and First Quantum (FM.TO) gained 3.4%.
Materials stocks rallied 2.8% and gold stocks gained 2.75%. December-stamped gold futures settled at $954.70 an ounce, up $4 on the session. Prices reached as high as $963.10.
Kinross Gold (K.TO) added 1.8% after the company reported that its second quarter net earnings were US$19.3 million or US$0.03 per share, compared to net earnings of US$26.0 million or US$0.04 per share a year ago. Adjusted net earnings for the second quarter were US$84.3 million or US$0.12 per share, up from US$49.5 million or US$0.08 per share last year.
Potash Corp. of Saskatchewan (POT.TO) gained 3.3% after being intitiated at Overweight in coverage at Thomas Weisel, with a price target at $110. Agrium (AGU.TO) ended up 0.4% after being initiated at underweight at the same firm.
Pan American Silver (PAA.TO) rallied 10.4% after the stock was upgraded to Buy from Neutral at UBS with a target price of $23. However, RBC Capital Markets cut its price target for the stock to $25 from $28 for the stock.
Gildan Activewear (GIL.TO) rallied 7.1% after the company reported third-quarter net earnings of $41.5 million or $0.34 per share, lower than net earnings of $54.5 million or $0.45 per share reported in the same period of fiscal 2008. The previous year's results have been recast.
Stella-Jones (SJ.TO) fell 4.6% after the company reported its net earnings for the second quarter increased to C$11.0 million or C$0.87 per share from C$10.1 million or C$0.80 per share in the prior-year quarter. However, the stock fell 4%.
Canadian Tire (CTC.TO) dipped 1.5% after the company reported second-quarter revenue for the second quarter declined 5.1% to C$2.32 billion from C$2.45 billion in the prior year quarter. Adjusted earnings rose to C$1.26 per share, up from C$1.16 per share.
Research in Motion (RIM.TO) had its target price raised to $87 from $79 at Kaufman Brothers. The stock kept its Buy rating. Shares finished slightly lower.
On the earnings calendar tomorrow are: Protective Western Canadian Coal Corp. (WTN.TO), Protective Products of America (PPA.TO), Medical Facilities Corp. (DR.UN.TO), Groupe Aeroplan (AER.TO) and First Capital Realty (FCR.TO).
New motor vehicle sales data is due at 8:30 a.m. ET for the month of June. Sales are expected to fall 1% after a rise of 1% in May.
Manufacturing shipments data is expected at the same time. A drop of 0.3% is projected for June, compared to a 0.3% decline in May.
For comments and feedback: contact firstname.lastname@example.org