RTTNews - Toronto stocks soared after a three-day weekend and finished at an eight-month. Mining and energy stocks led the gainers on Bay Street.
The S&P/TSX Composite Index rallied 230.95 points or 2.14% to finish at 11,018.10. This marks the best finish since October 1 for Bay Street's main index.
Mining stocks rallied 3.65% as copper extended its recent rally. Inmet (IMN.TO) added 4.4%, First Quantum (FM.TO) rallied 3.4% and Teck Resources (TCK.B.TO) gained 2.6%.
Energy stocks gained 3% as oil remained above $71 per barrel despite a modest decline on Tuesday. Suncor (SU.TO) rose 4.6%, Canadian Oil Sands (COS.UN.TO) added 3.1% and Encana (ECA.TO) increased 1.9%.
In other corporate news, Kinross (K.TO) climbed 3% 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) added 3.4% despite being downgraded to Sector Perform from Sector Outperform at CIBC World Markets.
Saputo (SAP.TO) gained 6% 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) added 2.6% 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.
Domtar Corp. (UFS.TO) surged 26.2% 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.
Thompson Reuters (TRI.TO) added 1.2% after its target price was raised to $37 from $34 at RBC Capital Markets.
Agrium (AGU.TO) finished up 2.4% ahead of its quarterly earnings report, which is due tomorrow morning.
ADP employment data is due at 8:15 a.m. ET, kicking off a string of key jobs data this week. A decline of 340,000 jobs is expected for July, compared to a drop of 473,000 last month.
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