RTTNews - Toronto stocks rallied again and closed at their highest level in nearly 10 months. The market finished higher for the ninth time in 11 sessions, boosted by a strong day for financials.
The S&P/TSX Composite Index jumped 69.53 points or 0.65% to end at 10,757.43. This is the highest close for Bay Street's main index since October 3.
Financial stocks climbed 2.25% for the day. CIBC (CM.TO) rose 2.3%, Scotiabank (BNS.TO) added 1.7% and Bank of Montreal (BMO.TO) rose 1.6%.
On the downside, consumer staples stocks dropped 1.3%. Saputo (SAP.TO) fell 2.9%, Loblaw (L.TO) fell 1.7% and Weston George (WN.TO) dropped 1.4%.
In corporate news, Addax Petroleum (AXC.TO) is slightly lower after the company announced second quarter net income of US$38 million or US$0.24 per share, compared to US$293 million or US$1.83 per share in the prior year period.
Cott Corp. (BCB.TO) plummeted 25.9% after the company announced that its second-quarter net income was US$33.7 million or US$0.48 per share, compared to a net loss of US$1.8 million or US$0.03 per share in the year ago quarter.
Moto Goldmines Limited (MGL.TO) dropped 2.1% after the company confirmed that its board has determined the US$244 million takeover offer from Randgold Resources Limited is superior to the current agreement between Moto and Red Back Mining (RBI.TO). Red Back shares were up 0.2%.
Centerra Gold (CG.TO) jumped 6.6% after the company said that the Chairman of the Minerals Resources Authority of Mongolia has issued a decree reinstating the Boroo Mine's main operating licenses.
Inmet Mining Corp. (IMN.TO) highlights tomorrow's earnings calendar. Progress Energy Resources (PRQ.TO), Industrial Alliance Insurance and Financial (IAG.TO) and Davis Henderson Income Fund (DHF-UN.TO) are also on the docket.
In corporate news across the border, a Commerce Department report showed that new home sales jumped 11% to an annual rate of 384,000 in June from the revised May rate of 346,000. Economists had expected sales to rise to 352,000 from the 342,000 originally reported for the previous month.
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