RTTNews - Canadian stocks moved sharply higher and reached a 12-day intraday high, led by strength in the resource sectors. The market has followed the lead of U.S. stocks.

The S&P/TSX Composite Index has added 222.40 points or 2.22% to move at 10,208.42. The index seems destined for a third straight positive close.

Mining stocks are up 4.9% to lead the gainers as copper has jumped 7.5 cents to $2.374 per pound. First Quantum (FM.TO) has added 6.4%, Inmet (IMN.TO) is up 5% and Teck Resources (TCK.B.TO) has added 4.9%.

Materials stocks have added 2.9% and gold stocks are up 2.5% as the precious metal has gained $15.70 to $938.50 an ounce. NovaGold Resources (NG.TO) has added 3.8% after announcing its second-quarter loss narrowed to C$4.8 million or C$0.03 per share compared with C$23.2 million or C$0.22 per share in the prior year period.

Energy stocks have added 2.6% as crude oi is up 91 cents to $60.43 per barrel. Canadian Natural Resources (CNQ.TO) is up 3.15%, Suncor (SU.TO) has added 2.8% and Encana (ECA.TO) is up 2.2%.

On the corporate front, Corus Entertainment (CJR-B.TO) has dropped 6.9% after the company reported that its third-quarter net loss was C$145.0 million or C$1.81 per share, compared to net income of C$37.7 million or C$0.45 per share in the year ago quarter.

CVTech Group (CVT.TO) is up 2.1% after it said it has signed a share purchase agreement for the acquisition of Riggs Distler & Company, effective retroactively to July 1. The deal is worth approximately C$43.0 million.

DragonWave (DWI.TO) has surged 15.3% after the company reported a net loss for the first quarter of C$2.88 million or C$0.10 per share, compared to a net loss of C$1.94 million or C$0.07 per share in the year-ago quarter.

In economic news, Canadian manufacturing sales fell 6.0% to $38.4 billion in May, the lowest level since November 1998, according to data released Wednesday morning by Statistics Canada. Economists forecast a drop of 0.8%.

Meanwhile, the U.S. Labor Department revealed that consumer prices climbed 0.7 percent in June compared to the previous month. Economists had projected an advance of about 0.6 percent.

For comments and feedback: contact editorial@rttnews.com