RTTNews - Higher commodity prices led to a sharp rally on Bay Street. Toronto stocks snapped a two-session losing skid and rose for the 10th time in 14 sessions.

The S&P/TSX Composite Index climbed 221.39 points or 2.11% to settle at 10,676.72. The rally took the main index away from a 12-day low.

Mining stocks rose 5.9% as copper surged on the Comex. First Quantum (FM.TO) added 9.3% and Teck Resources (TCK.B.TO) climbed 7.6%.

Industrials gained 4.1%. Canadian Pacific Railway (CP.TO) has soared 12.3% 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 4%.

Energy stocks rose 2.4%. Light sweet crude for September delivery surged to $66.92 per barrel, up $3.57 on the session. Suncor (SU.TO) jumped 4.4%, Canadian Natural Resources (CNQ.TO) rose 3.6% and Canadian Oil Sands (COS.UN.TO) gained 2.7%.

Imperial Oil (IMO.TO) fell 0.7% after the company reported a second quarter net income of C$209 million or C$0.25 per share, compared to C$1.1 billion or C$1.28 per share in the last year quarter.

Goldcorp (G.TO) added 2.3% 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 7.4% 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) 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) surged 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) lost 6.1% 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.

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.

Air Canada (AC.B.TO) shares surged 23.5% after the airliner announced it has obtained $1.02 billion in financing.

TransCanada Corp (TRP.TO) added 0.7% after the company reported net income for the second quarter of C$314 million or C$0.50 per share, compared C$324 million or C$0.58 per share in the year-ago quarter.

Gross domestic product data will be in focus on Friday with reports from both sides of the border due at 8:30 a.m. ET. Canadian GDP is expected to fall 0.4% in May, compared to a 0.1% drop in April.

In the U.S., an annual drop of 1.5% is forecast for the second quarter, compared to a drop of 5.5% in the first quarter.

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