Toronto stocks have rallied in early trading Thursday to recover some of the recent slide. Resource stocks have led the upward charge as commodity prices moved higher.
The S&P/TSX Composite Index has added 97.74 points or 1.11% to move at 8,895.18. Bay Street's main index has closed lower in each of the two previous sessions.
Energy stocks have surged 2.5% as crude oil gained on the NYMEX. Paramount Resources (POU.TO) is up 5.8%, Savanna (SVY.TO) has added 4.5% and Canadian Oil Sands (COS.UN.TO) is up 4.1%.
Berens Energy (BEN.TO) is up 1.1% after the company reported fourth quarter funds from operations climbed 26% to C$10.05 million from C$7.99 million a year ago, and FFO per share rose 22% to C$0.11 from prior year's C$0.09.
Mining stocks have again moved in the green, adding 3.2%. Teck Cominco (TCK.B.TO) led the way with a 6.7% rally. Hudbay Minerals (HBM.TO) is up 2.7% and Inmet (IMN.TO) has gained 2.4%.
Industrials are up 2.1%, led by a 3.8% rise for Canadian National Railway (CNR.TO) and a 3.7% spike for rival Canadian Pacific (CP.TO).
On the economic front, QLT (QLT.TO) is up 1.4% after the company announced the appointment of Kathryn Falberg to its board of directors and audit committee, effective March 25, 2009.
Sprott (SII.TO) is down 0.6% after the company reported that its fourth quarter net income decreased to C$20.4 million or C$0.14 per share, from C$27.6 million or C$0.21 per share in the prior year quarter. The company's quarterly revenues fell to C$57.7 million from C$163.3 million in the same quarter a year ago.
CoolBrands International (COB.TO) has rallied 3.4% after the company reported net income for the second quarter of C$470,000 or C$0.01 per share, compared to C$2.9 million or C$0.09 per share in the prior year quarter.
On the economic front, Parliamentary Budget Officer Kevin Page said the Canadian economy will shrink 8.5% in the first quarter. In testimony to the House of Commons Finance Committee, Page added output will fall 3.5% in the second quarter.
Across the border, a Commerce Department report showed that fourth quarter gross domestic product fell by a revised 6.3 percent, compared to the preliminary estimate of a 6.2 percent decrease. Economists had been expecting GDP to be revised to show a somewhat steeper 6.6 percent contraction.
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