RTTNews - A rebound in resource stocks led Toronto stocks notably higher on Thursday. With the gain, Bay Street's main index snapped a three-session losing skid.
The S&P/TSX Composite Index gained 120.47 points or 1.24% to move at 9,773.92. The index fell 1.9% to a two-month low on Wednesday.
Mining stocks jumped 4.7% as copper jumped 7.85 cents to $2.159 per pound. HudBay (HBM.TO) rallied 9.4%, First Quantum (FM.TO) added 6% and Teck Resources (TCK.B.TO) rose 3.1%.
Energy stocks gained 2.6% as crude oil snapped a six-session skid. Suncor (SU.TO) added 2.8%, Canadian Natural Resources (CNQ.TO) gained 2.4% and Encana (ECA.TO) rose 2.1%. .
On the corporate front, Research in Motion (RIM.TO) added 0.8% after the stock was upgraded to Buy from Hold at Kaufman Bros.
Canadian Pacific (CP.TO) fell 2.1% after its target price was dropped to US$38 from $35 at RBC Capital Markets, which reiterated the stock at Sector Perform. Rival Canadian National Railway (CNR.TO) fell 0.8%.
Velan (VLN.TO) soared 11.7% after the company posted first quarter net income of C$14.3 million or C$0.64 per share, compared to C$7.3 million or C$0.33 per share in the prior year period. Sales for the period were C$120.4 million, compared to C$139.4 million in the previous year period.
Richelieu Hardware Ltd. (RCH.TO) lost 0.5% after the specialty hardware maker reported its second quarter net income declined to C$0.33 per share from C$0.40 per share a year ago.
Sandvine Corp. (SVC.TO) shares plunged 12.8% after the company reported a wider second-quarter net loss of C$5.63 million or C$0.042 per share compared with C$4.63 million or C$0.034 per share in the year earlier period.
In economic news, Canadian housing starts increased to 140,700 units in June from 130,300 units in May, the Canada Mortgage and Housing Corporation reported. Economists were expecting housing starts to once again rise about 130,000 units.
On Friday, Canada's international merchandise trade data for May is due at 8:30 a.m. ET. A deficit of C$600 million is projected, compared to a deficit of C$200 million in April.
At the same time, the house price index is also expected for the month of May. A decline of 0.4% is forecast, compared to a drop of 0.6% in April.
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