RTTNews - Bay Street stocks turned to the upside on Wednesday as commodities erased early losses and finished in the green. All eyes will be on the Federal Open Market Committee's interest rate decision tomorrow.
The S&P/TSX Composite Index added 62.54 points or 0.63% to settle at 9,896.72. With the gains, the index erased some of the 4.4% plunge from yesterday.
Mining stocks jumped 4.1% as copper rose 7 cents to $2.20 per pound. Teck Cominco (TCK.B.TO) rallied 6.4%, HudBay (HBM.TO) jumped 3.2% and Inmet (IMN.TO) added 2.1%.
Financial stocks are down 2.1% to lead the decliners. National Bank (NA.TO) has dropped 4.4%, Royal Bank (RY.TO) is down 3% and Toronto-Dominion (TD.TO) has lost 2.3%.
Mining stocks are down 1.6%, adding to a sharp drop yesterday. Inmet (IMN.TO) has slipped 1.6%. This comes despite the fact that copper is up 3.05 cents to $2.1625.
Gold stocks gained 4.1% as the precious metal posted modest gains on the Comex. Goldcorp (G.TO) added 5.1%, Eldorado (ELD.TO) jumped 5.1% and Agnico-Eagle Mines (AEM.TO) rallied 4.7%.
Energy stocks gained 1.5%, erasing an early fall, as crude oil finished above $69. Suncor (SU.TO) rallied 3% and Canadian Natural Resources (CNQ.TO) added 2.4%. .
Light sweet crude August delivery rose to $69.24 per barrel, up $1.74 on the session. Prices rallied as high as $69.68 after falling as low as $66.37.
In corporate news, Agrium (AGU.TO) added 4.6% as the agricultural products supplier said Tuesday that, as of expiration date last night, stockholders of CF Industries Holdings (CF) have tendered about 30.14 million or 62% of the total outstanding CF shares into its offer of $40 in cash plus one Agrium share per CF share.
Agrium noted that it has extended the expiration date of the offer until July 22 and urges CF's Board to respect the message from its stockholders.
Bombardier (BBD.B.TO) fell 2.1% after its aircraft unit reportedly released a deal with the Canadian Auto Workers, avoiding a strike.
Trinidad Drilling (TDG.TO) is up 6.7% after the stock was upgraded to Buy from Market Perform by Cormark Securities.
In other corporate news, Fortis (FTS.TO) announced an agreement to buy Great Lakes Power Distribution from Brookfield Renewable Power for approximately C$68 million. The stock has lost 0.3%.
Across the border, a National Association of Realtors report showed that existing home sales rose 2.4 percent to an annual rate of 4.77 million units in May from a revised 4.66 million units in April. Economists had expected sales to rise 3 percent to 4.82 million units from the 4.68 million units originally reported for the previous month.
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