RTTNews - Bay Street stocks are higher for a third straight day as investors consider employment data from both the U.S. and Canada. Higher commodity prices have provided a boost to resource stocks.
The S&P/TSX Composite Index has jumped 117.35 points or 1.16% to move at 10,218.28. The index climbed nearly 2% on Wednesday.
Gold stocks are up 2.6% and materials have risen 1.6% as the precious metal has climbed $3.80 to $938.30 per ounce. Iamgold (IMG.TO) has jumped 3.3% after being upgraded to Buy from Market Perform at Cormark Securities.
In other big names, Eldorado (ELD.TO) has added 3.2%, New Gold (NGD.TO) has gained 2.8%, Goldcorp (G.TO) is up 2.7% and Agnico-Eagle Mines (AEM.TO) has climbed 2.4%.
Energy stocks are up 2.1% as crude oil has increased 80 cents to $69.47 per barrel. Canadian Natural Resources (CNQ.TO) is nearly 4% higher, Suncor (SU.TO) has gained 2.5% and Encana (ECA.TO) is up 2.2%.
Talisman Energy (TLM.TO) has climbed 2% after the stock was upgraded by Goldman Sacks to Neutral from Sell.
In corporate news, Mad Catz Interactive (MCZ.TO) has plunged 12.2% after the company reported a fourth-quarter net loss of US$3.7 million or US$0.07 per share, compared to a loss of US$0.8 million or US$0.02 per share in the same quarter last year. Net sales for the fourth quarter were US$22.8 million, up 3.9% from US$21.9 million in the comparable quarter last year.
Wi-LAN (WIN.TO) said it signed bought deal agreement with a syndicate of underwriters to sell 8 million common shares at a price of $2.05 per common share for gross proceeds of $16.4 million. Shares have lost 4.1%.
As per the agreement, the syndicate will purchase from the company 8 million common shares at a price of $2.05 per common share for gross proceeds of $16.4 million.
Statistics Canada revealed non-farm payrolls dropped 51,400 in the month of April, down 0.4% from the previous month. In the U.S., a Labor Department report showed that initial jobless claims rose to 627,000 from the previous week's revised figure of 612,000.
Also across the border, a Commerce Department report showed that gross domestic product fell at an annual rate of 5.5 percent in the first quarter compared to the 5.7 percent decrease that had been reported. The revision came as a surprise to economists, who had expected the drop in GDP to be unchanged at 5.7 percent.
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