RTTNews - Bay Street stocks ended at a 2 1/2-week high on Thursday, finishing in the green for a fourth straight session. Strength industrial and metal-related sectors boosted the market.
The S&P/TSX Composite Index added 88.96 points or 0.87% to settle at 10,304.42. This was the best close for the index in July.
The industrial Index gained 1.4%. Bombardier (BBD.B.TO) gained 2.8%, Canadian Pacific Railway (CP.TO) gained 2% and rival Canadian National Railway (CNR.TO) added 1.8%.
Materials stocks also finished up 1.4%. Agrium (AGU.TO) gained 5.4% and Potash (POT.TO) rose 4.5% to lead the way.
Mining stocks finished up 1.35%. Teck Resources (TCK.B.TO) surged 9.2%, Inmet (IMN.TO) jumped 3.1% and First Quantum (FM.TO) gained 1.6%.
Thursday, Paramount Energy Trust (PMT-UN.TO) and Profound Energy (PFX.TO) said its board approved the execution of an amalgamation agreement with 1463072 Alberta, an indirect wholly-owned subsidiary of PET. Paramount lost 0.9% and Profound Energy added 5%.
In other corporate news, Nexen (NXY.TO) fel 6.6% after the company reported that its second-quarter net income was C$20 million or C$0.04 per share, compared to C$380 million or C$0.70 per share in the same quarter of last year.
Research In Motion (RIM.TO) and Visto Corporation announced that they have reached a deal to settle all patent litigation between the companies. As part of the deal, RIM will pay US$267.5 million. Research in Motion shares finished up 3%.
Moto Goldmines Limited (MGL.TO) soared 9.4% after Randgold Resources Limited (GOLD) and AngloGold Ashanti announced a joint bid to acquire Moto for C$5.00 per share.
Ivanhoe Mines (IE.TO) fell 4.6% after the Mongolian government received parliament's approval for a long-term agreement with the company for a development and operation of the Oyu Tolgoi mine.
Canadian consumer price index data is due at 7 a.m. ET tomorrow. CPI is forecast to rise 0.7% in June, compared to 0.3% in May. Core CPI is expected to rise 0.4% in June, after coming in flat in May.
At 8:30 a.m. ET, Canadian leading index data dor June is expected. A drop of 0.1% is predicted, compared to a rise of 0.2% in May.
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