RTTNews - Resource stocks have led Bay Street's main index back above the 10,800 mark on Thursday. Toronto stocks have followed the direction of markets in the U.S. and Europe.
The S&P/TSX Composite Index has rallied 139.80 points or 1.31% to move at 10,800.16. The market is up for a second straight day.
Mining stocks are up 4.4% to lead the way. Inmet (IMN.TO) has rallied 4.4%, Teck Resources (TCK.B.TO) is up 3.5% and First Quantum (FM.TO) has climbed 2.9%.
Anvil Mining (AVM.TO) has gained 2.9% after the company reported second-quarter net loss was US$11.35 million or US$0.13 per share, compared with a net income of US$8.52 million or US$0.12 per share in the prior-year quarter.
Materials stocks are up 2.6% and gold stocks have gained 2.4%. Kinross Gold (K.TO) is up 1.7% after the company reported that its second quarter net earnings were US$19.3 million or US$0.03 per share, compared to net earnings of US$26.0 million or US$0.04 per share a year ago. Adjusted net earnings for the second quarter were US$84.3 million or US$0.12 per share, up from US$49.5 million or US$0.08 per share last year.
Pan American Silver (PAA.TO) has surged 10% after the stock was upgraded to Buy from Neutral at UBS with a target price of $23. However, RBC Capital Markets cut its price target for the stock to $25 from $28 for the stock.
In other corporate news, Gildan Activewear (GIL.TO) has rallied 7.3% after the company reported third-quarter net earnings of $41.5 million or $0.34 per share, lower than net earnings of $54.5 million or $0.45 per share reported in the same period of fiscal 2008. The previous year's results have been recast.
Stella-Jones (SJ.TO) has fallen 4.6% after the company reported its net earnings for the second quarter increased to C$11.0 million or C$0.87 per share from C$10.1 million or C$0.80 per share in the prior-year quarter. However, the stock fell 4%.
Canadian Tire (CTC.TO) has declined 1.5% after the company reported second-quarter revenue for the second quarter declined 5.1% to C$2.32 billion from C$2.45 billion in the prior year quarter. Adjusted earnings rose to C$1.26 per share, up from C$1.16 per share.
Scorpio Mining Corp. (SPM.TO) has added 3.6% after the company reported second quarter net earnings of $0.46 million or breakeven per share, compared to a loss of $0.39 million in the first quarter of 2009.
Daniel Leather (DL.TO) has added 0.2% after the company reported a fourth quarter net loss of C$3.00 million or C$0.45 per share, narrower than a net loss of C$3.02 million or C$0.48 per share last year. Adjusted net earnings for the quarter narrowed to C$3.00 million from C$3.02 million in the year-ago quarter.
Research in Motion (RIM.TO) had its target price raised to $87 from $79 at Kaufman Brothers. The stock kept its Buy rating. Shares are flat.
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