Resource stocks received a boost from rising commodity prices again on Monday as Toronto's main index climbed notably higher again. With the rally, the index rose above 9,600 for the first time since November.
The S&P/TSX Composite Index added 192.14 points or 2.02% to move at 9,688.85. Bay Street's major index added to sharp gains from the previous session and moved above a resistance level.
Mining stocks are continuing an upward move and have added another 6.4%. Copper prices are up 5.1 cents to $2.152 cents per pound on the Comex. FNX Mining (FNX.TO) has surged 10.75%, Teck Cominco (TCK.B.TO) has jumped 7.4% and First Quantum (FM.TO) has added 7%.
Materials stocks have climbed 3.8% and the Gold Index has added 3% with the previous metal surging above $905.70 an ounce in U.S. trading. Goldcorp (G.TO) is up 3.5%, Eldorado (ELD.TO) has added 3.25% and Royal Gold (RGL.TO) has climbed 3%.
Colombia Goldfields (GOL.TO) reported first-quarter net income of US$528 thousand or US$0.01 per share compared to a net loss of US$6.2 million or US$0.07 per share last year.
Energy stocks are up 2.1% as crude oil has jumped 49 cents to $53.69. Canadian Natural Resources (CNQ.TO) has added 4.5%, Encana (ECA.TO) is up 2.8 and Canadian Oil Sands (COS.UN.TO) is up 2%.
In corporate news, Aeroquest International Limited (AQL.TO) announced that its second quarter net loss was C$1.0 million or C$0.03 per share, compared to net earnings of C$0.8 million or C$0.03 per share in the first quarter last year.
Boralex Power Income Fund (BPT-UN.TO) reported first-quarter net earnings of C$9.9 million or C$0.17 per trust unit, compared to C$15.2 million or C$0.26 per trust unit in the same quarter last year.
Magna International (MG.A.TO) is up 3.3%. According to a Bloomberg report, Russian companies OAO Sberbank and OAO GAZ will join Magna in its big to buy a stake in General Motors' Opel unit.
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