RTTNews - Toronto stocks soared Tuesday after a three-day weekend and pushed Bay Street's main index back above the key 10,000 mark. Strength in the mining, energy and financial sectors led the way.
The S&P/TSX Composite Index rallied 338.10 points or 3.46% to close at 10,100.95. This marks the best close for the index since May 8.
Mining stocks surged 7.25%, adding to recent gains. Thompson Creek (TCM.TO) surged 15.1%, First Quantum (FM.TO) surged nearly 10%, and Teck Cominco (TCK.B.TO) rallied 9.25%.
The key Energy Index soared 5.5%. Canadian Oil Sands surged 8.7%, Canadian Natural Resources (CNQ.TO) rallied 7.1%, Suncor (SU.TO) gained 4.2% and Encana (ECA.TO) jumped 4%.
Flint Energy (FES) added 7.3% after being upgraded to Hold from Buy by Paradigm Capital.
Light sweet crude for June delivery ended at $59.65 a barrel, up 62 cents. Prices had reached as high as $60.48 in overnight trading, oil's best level in 2009 for a front-month contract.
Financials ended the day with up 3.7% as Toronto-Dominion Bank (TD.TO) posted a 4.4% gain. The company is reportedly expected to submit a bid along with Goldman Sachs for Florida lender BankUnited Financial Corp., according to the Wall Street Journal.
In corporate news, Canadian agribusiness Viterra Inc. (VT.TO) rose 2.9% after it offered to acquire all outstanding shares of Australian agribusiness ABB Grain Ltd. for about C$1.4 billion, or A$1.6 billion, in a cash and stock deal. ABB's directors unanimously recommended its shareholders vote in favor of the deal.
Apparel maker Gildan Activewear (GIL.TO) surged 17% after being upgraded to Buy from Neutral at UBS.
Rogers Wireless (RCI.B.TO) and Research In Motion (RIM.TO), Sunday launched the BlackBerry Curve 8900 smartphone in Canada. RIM shares added 2% and Rogers fell 0.3%.
Velan (VLN.TO) rallied 4.6% after the company posted third quarter net earnings of C$16.2 million or C$0.73 per share, compared to C$4.1 million or C$0.18 per share in the last year quarter.
Across the border, Home Depot (HD) reported adjusted first-quarter earnings $0.35 per share, better than Street expectations of $0.29 per share.
In economic news, the U.S. Commerce Department announced that housing starts dropped 12.8 percent in April to an annual rate of 458,000 units.
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