RTTNews - Toronto stocks have rebounded on Thursday morning as commodity prices have trended to the upside again. The market had dropped nearly 3% in the previous session.
The S&P/TSX Composite Index has dropped 154.82 points or 1.5% to move at 10,444.94.
The Bank of Canada maintained its key interest rate at a record-low 0.25% on Thursday, a decision widely-expected by economists.
Mining stocks have gained 3.5% as copper has bounced back on the Comex. The industrial metal is up 4.15 cents to $2.2535 per pound.
Among the big names, Teck Cominco (TCK.B.TO) has rallied 5.6%, Inmet (IMN.TO) is up 5.1% and HudBay (HBM.TO) has added 4%.
Materials sticks are up 3% and gold stocks are up 2.9% as the precious metal has rebounded. Goldcorp (G.TO) is among the leaders with a 3.6% jump.
Kinross (K.TO) has added 3.4% as Vice President James Crossland reportedly said the gold producer is interested in mergers and acquisitions in the countries where it already has operations.
Energy stocks have gained 2.3% as crude oil has gained $2 to $68.12 per barrel on the NYMEX. Canadian Oil Sands (COS.UN.TO) has added 3.2% and Encana (ECA.TO) is up 1.1%.
Meanwhile, Petro-Canada (PCA.TO) and Suncor (SU.TO) are expected to hold separate votes today on the $19 billion merger deal. Petrocan shares are up 4.4% and Suncor stocks has added 4.7%.
In other corporate news, Harry Winston Diamond (HW.TO) has gained more than 2% after reporting first-quarter net loss of US$45.1 million or US$0.68 per share, compared to net income of US$21.3 million from US$0.35 per share last year.
Domtar Corp. (UFS.TO) has added 1.9% after it announced that it had raised the tender capital from US$250 million to US$400 million, related to its previously announced tender offer for its outstanding 7.875% notes due 2011.
The Globe and Mail reported creditors of CanWest Global Communications (CGS.TO) could bring in a chief restructuring officer. CanWest stock is up 7.3%.
Elsewhere on the economic front, Statistics Canada reported building permits were down 5.4% in the month of April. Non-residential permits fell 14.4%.
In the U.S., a Labor Department report showed that initial jobless claims fell to 621,000 from the previous week's revised figure of 625,000. Economists had been expecting jobless claims to edge down to 620,000 from the 623,000 originally reported for the previous week.
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