RTTNews - Strength in the gold and energy sectors led Toronto stocks notably higher on Wednesday. However, stocks backed off the highs of the day in the final hour, moving away from a seven-month high.
The S&P/TSX Composite Index is up 131.49 points or 1.3% to close at 10,232.44. The market reached a seven-month intraday high of 10,365.39 in the mid-morning.
Gold stocks rallied 4.75% while materials stocks added 3% as the precious metal challenged $940 per ounce in Comex trading. Kinross (K.TO) jumped 6.9%, Goldcorp (G.TO) surged 6.3%, Agnico-Eagle Mines (AEM.TO) rallied 5.2% and Novagold (NG.TO) gained 3.4%.
Energy stocks were up 2.2% as crude oil closed above $62 a barrel for the first time in six months. Canadian Oil Sands (COS.UN.TO) gained 5%, Nexen (NXY.TO) gained 4.6%, Suncor (SU.TO) gained 3.4, Encana (ECA.TO) gained 2.9% and Canadian Natural Resources (CNQ.TO) aded 2.5%.
In corporate news, Western Canadian Coal (WTN.TO) gained 2.2% after it announced that Western has entered an agreement to acquire Cambrian Mining for approximately C$120 million.
Sears Canada (SCC.TO) fell 1.7% after the retailer said its profit plunged to C$10.3 million or C$0.10 per share from C$70.8 million or C$0.66 per share in the same quarter a year ago.
Canaccord Capital (CCI.TO) soared 11.7% after it reported adjusted net income for the fourth quarter was C$3.8 million or $0.07, compared to net income of C$7.2 million or $0.15 in the same period of the prior year.
Silver Wheaton Corp. (SLW.TO) added 1.3% after the company said that the shareholders of Silverstone Resources have approved the proposed arrangement, whereby Silver Wheaton will acquire all of the shares of Silverstone at an exchange ratio of 0.185 common shares of Silver Wheaton for each common share of Silverstone.
Sun Life Financial (SLF.TO) fell 1% after the company announced the completion of a Canadian public offering of $250 million of Class A Non-Cumulative 5-Year Rate Reset Preferred Shares Series 6R, or Series 6R Shares, at a price of $25.00 per share.
In economic news, the Canadian consumer price index fell 0.1% in April, compared to a 0.3% drop in the previous month. The data came in-line with expectations.
Statistics Canada reported leading indicators declined 1.1 percent in the month of April, compared to a revised 1.5% drop for March.
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