RTTNews - Toronto stocks turned higher amid volatile trading on Tuesday as energy stocks benefited from a rebound in commodities. Earlier, the market had hit its lowest level in more than six weeks.
The S&P/TSX Composite Index has added 40.71 points or 0.41% to move at 9,874.89. The index lost more than 4.4% yesterday on economic worries after a bleak forecast form the World Bank.
Gold stocks rallied 3.9% as the precious metal added $3.30 to end at $924.30 per ounce. Eldorado (ELD.TO) has dropped 5.2%, Agnico-Eagle Mines (AEM.TO) is up 5.1% and Goldcorp (G.T) has added 5%.
Energy stocks are up 1.5% as crude oil gained $1.74 to $69.24 a barrel. Canadian Natural Resources (CNQ.TO) is up 3.2% and Suncor (SU.TO) has gained 3% to lead the way.
Trinidad Drilling (TDG.TO) is up 6.4% after the stock was upgraded to Buy from Market Perform by Cormark Securities.
In other corporate news, Fortis (FTS.TO) announced an agreement to buy Great Lakes Power Distribution from Brookfield Renewable Power for approximately C$68 million. The stock has lost 0.5%.
Agrium (AGU.TO) has added 4% as the agricultural products supplier said Tuesday that, as of expiration date last night, stockholders of CF Industries Holdings (CF) have tendered about 30.14 million or 62% of the total outstanding CF shares into its offer of $40 in cash plus one Agrium share per CF share.
Agrium noted that it has extended the expiration date of the offer until July 22 and urges CF's Board to respect the message from its stockholders.
Meanwhile, Bombardier (BBD.B.TO) is meeting with the Canadian Auto Workers in a final attempt to avoid a strike at a jet-assembly plant near Toronto, according to the Globe and Mail. Shares are off 1.5%.
Across the border, a National Association of Realtors report showed that existing home sales rose 2.4 percent to an annual rate of 4.77 million units in May from a revised 4.66 million units in April. Economists had expected sales to rise 3 percent to 4.82 million units from the 4.68 million units originally reported for the previous month.
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