RTTNews - Toronto stocks soared more than 2% on Thursday and finished at a six-week high. Bay Street stocks followed the lead of markets in the U.S. and Europe.
The S&P/TSX Composite Index jumped 243.33 points or 2.33% to finish at 10,675.68. The gain is the first in three days for the market, which had rallied in six in a row before the recent skid.
Mining stocks have surged 4.8%. First Quantum (FM.TO) has rallied 5.2%, Thompson Creek Metals (TCM.TO) added 5% and Inmet (IMN.TO) rose 3.1%.
Teck Resources (TCK.B.TO) rallied more than 5% after the company reported its second quarter net earnings of C$521 million, compared to C$500 million or in the previous year period.
Energy stocks rallied 2.9% as light sweet crude oil for September delivery dropped to $67.16, up $1.76 on the session. Canadian Natural Resources (CNQ.TO) has rallied 5.1% and Canadian Oil Sands (COS.UN.TO) is up 3.75%.
EnCana Corp. (ECA.TO) added 2.5% after the company reported second-quarter adjusted earnings per share US$1.22 per share. This is down from US$1.96 per share last year but better than the US$0.97 per share expected by Wall Street.
Husky Energy (HSE.TO) rose 6.25% after the company reported second quarter earnings of $430 million or $0.51 per share, compared to $1.36 billion or $1.60 per share a year earlier.
Financials are up 2.8% as all the big banks finished higher. CIBC (CM.TO) added 3.9%, Toronto-Dominion (TD.TO) rose 3.1% and Bank of Montreal (BMO.TO) added 2.8%.
Materials stocks added 2.24% as Potash Corp. (POT.TO) rallied 7.3%. The fertilizer maker reported second-quarter net earnings of US$187.1 million or US$0.62 per share, compared to US$905.1 million or US$2.82 per share in the same quarter last year. Rival Agrium (AGU.TO) has added 6.6%.
In other corporate news, TransForce (TFI.TO) added 5.7% after the company said its second-quarter net income decreased to $17.98 million or $0.21 per share from $19.28 million or $0.22 per share in the year earlier period.
Shoppers Drug Mart Corp (SC.TO) fell 3.9% after its target price was reduced from $54 to $52 at UBS, although it did keep its Buy rating.
Vitran Corporation (VTN.TO) gained 2.5% after the company reported second-quarter net income was US$0.44 million or US$0.03 per share, lower than US$4.58 million or US$0.34 per share last year.
Magma Energy Corp. (MXY.TO) surged 9.75% as the company announced that it has signed an agreement to acquire from Geysir Green Energy a minority interest in HS Orka, a large producing geothermal company in Iceland.
Loblaw Companies (L.TO) is on the economic calendar for tomorrow. The stock ended the session up 0.7%.
Also on Thursday, the Bank of Canada predicted the economy will improve by 1.3% in the current quarter and 3% in the fourth quarter, signaling the end of the recession. The BoC did express concern over the financial situations in the U.S. and Europe in its quarterly monetary policy report.
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