RTTNews - Toronto stocks remain notably higher on Thursday to erase a good portion of the slide from the last two sessions. Gains in the mining and industrial sectors have led the way.
The S&P/TSX Composite Index has soared 218.38 points or 2.11% to move at 10,676.71. If the gains hold, the market will gain for the 10th time in 14 sessions.
Mining stocks have rallied 5.6% as copper jumped more than 8 cents a pound. First Quantum (FM.TO) has added 8.2% and Teck Resources (TCK.B.TO) is up 7.3% to lead the way.
Industrials are up 3.9%. Canadian Pacific Railway (CP.TO) has soared 10.4% after the company announced that second quarter net income rose to $157 million from $155 million last year. Rival Canadian National Railway (CNR.TO) gained 3.4%.
Goldcorp (G.TO) has added 1.8% after the company reported adjusted net earnings of US$0.14 per share, compared to US$0.12 per share a year earlier.
Agnico-Eagle Mines (AEM.TO) has rallied 6.7% after the company reported second-quarter net income of C$1.2 million or C$0.01 per share, compared to net income of C$8.3 million or C$0.06 per share in the same quarter last year.
Barrick Gold Corp. (ABX.TO) has added 3% after the company reported net income for the second quarter climbed to US$492 million from US$485 million in the prior-year quarter. On a per-share basis, earnings edged up to US$0.56 from US$0.55 in the year-ago quarter.
OceanaGold (OGC.TO) has jumped 10.2% after the company reported a second-quarter earnings of US$40.11 million or US$0.21 per share versus a loss of US$19.25 million or US$0.12 per share in the previous year.
Richmont Mines (RIC.TO) has decline 8.7% after the company reported second quarter net loss of C$1.4 million, compared to a net earnings of C$0.04 million last year. Loss per share for the quarter was C$0.05. The company specified that the recent quarter loss was primarily due to lower gold sales and higher operating costs.
In other corporate news, Petro-Canada (PCA.TO) has added 4.4% despite reporting second quarter net earnings of C$77 million or C$0.16 per share, compared to C$1.5 billion or C$3.10 per share last year.
Hemisphere GPS (HEM.TO) has dropped 8.7% after the company reported second quarter net loss of US$1.26 million or US$0.02 per share, compared to net income of US$3.17 million or US$0.06 per share last year.
Tembec (TMB.TO) has gained 3.8% after revealing third quarter net loss of C$38 million or C$0.38 per share, compared to a net loss of C$27 million or C$0.27 per share in the same quarter last year.
Air Canada (AC.B.TO) shares surged 22.8% after the airliner announced it has obtained $1.02 billion in financing.
Mullen Group (MTL.TO) has added 5.5% after the company reported a second quarter net income of C$17.8 million or C$0.22 per share, compared to C$19.9 million or C$0.25 in the last year quarter.
In economic news, the Canadian Industrial Product Index rose 0.7% in June compared with May, while the Raw Materials Price Index increased 6.2%. Both gains were due to a strong increase in petroleum prices. This is according to data released Thursday by Statistics Canada.
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