Toronto stocks have turned higher in Wednesday morning trading, recovering some of the losses seen yesterday. Gold-related stocks were among the big gainers as the precious metal rebounded on the Comex.
The S&P/TSX Composite Index has added 79.27 points or 0.89% to move at 8,928.66. A higher close would be the 10th in 12 sessions.
Mining stocks have continued to see strength, rising 3.5%. Teck Cominco (TCK.B.TO) has led the rally with an 8.4% hike. Hudbay (HBM.TO) is up 3.2%.
The Gold and Materials indexes are both up 2.1% as the metal has jumped $14.90 to $938.70. Kinross (K.TO) has added 3% and Goldcorp (G.TO) is up 2.3%.
Financials are up 1.7% with Toronto-Dominion (TD.TO) leading the big six banks with a 2% rise. Scotiabank (BNS.TO) has rallied 1.5% and Royal Bank of Canada (RY.TO) is up 1.3%.
In corporate news, AutoCanada Income Fund (ACQ_U.TO) is up 4.2%. The company reported a net loss for the fourth quarter of C$67.1 million, compared to net earnings of C$5.5 million in the prior year quarter. Revenue decreased 7.3% to C$182.4 million from C$196.7 million in the year-ago quarter.
Hydrogenics Corp. (HYG.TO) is up 1.7% after the company reported it narrowed its fourth quarter net loss to US$1.95 million or US$0.02 per share, compared to a net loss of US$9.50 million or US$0.10 per share in the same quarter of last year.
Goodfellow (GDL.TO) is basically flat after it reported net income for the second quarter of C$2.4 million or C$0.28 per share, compared to C$38,000 or C$0.00 per share for the year-ago quarter.
Compton Petroleum Corp. (CMT.TO) has lost 2.1% after the company reported a net loss for the fourth quarter of C$95.94 million or C$0.74 per share, compared to net income of C$50.46 million or C$0.38 per share in the year-ago quarter.
In economic news, data released by National Bank Financial revealed the Teranet-National Bank National Composite House Price Index dropped 2.4% in the month of January.
On Tuesday, the S&P/TSX Composite Index fell 109.12 or 1.21% end the session 8,849.39. Overall, the index has been trending sharply higher for the past two weeks, paring some of its massive yearly losses.
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