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.
For comments and feedback: contact email@example.com