RTTNews - Bay Street stocks have moved modestly into the green in Wednesday afternoon trading, extending its sharp gains from the prior session. Resource stocks are leading the gainers.
The S&P/TSX Composite Index as added 24.29 points or 0.22% to move at 11,042.50. The index is on pace for its best close since early October.
Mining stocks have jumped 2%. Inmet (IMN.TO) has added 5.1%, FNX Mining (FNX.TO) has gained 5% and Teck Resources (TCK.B.TO) is up 2.9%.
Materials stocks gained 1% as Agrium (AGU.TO) has gained 3.25%. The fertilizer maker announced that its second quarter net earnings were US$370 million or US$2.35 per share, compared to US$636 million or US$4.00 per share, for the same quarter of 2008. Analysts expected the company to report earnings of US$1.81 per share for the quarter.
Yamana Gold (YRI.TO) has dropped 2% after it reported adjusted second quarter net earnings of US$95.8 million or US$0.13 per share, down from US$102.7 million or US$0.15 per share in the year-ago quarter.
Randgold Resources said that it has entered into a business combination with Moto Goldmines Ltd. (MGL.TO). Moto terminated an existing arrangement agreement with Red Back Mining (RBI.TO) and initiated payment of termination fee of C$15.25 million. Following the news, Moto shares are down 3.8%, while Red Back jumped 5.5%.
North American Energy Partners (NOA.TO) is down 0.7% after the company reported first-quarter net income of C$14.77 million, compared to C$19.10 million in the same quarter of last year. On a per share basis, net income for the quarter was C$0.40, compared to C$0.52 in the year ago quarter.
Fortis Inc. (FTS.TO) is down 0.1% after the company reporetd second-quarter net income applicable to common shares of C$53 million or C$0.31 per share, compared to C$29 million or C$0.18 per share in the same quarter last year.
Labopharm (DDS.TO) is up 3% after the company announced that it has filed a New Drug Submission or NDS with the Therapeutic Products Directorate of Health Canada for its novel formulation of the antidepressant trazodone.
Total Energy Services Inc. (TOT.TO) has slipped 1.2% after the company reported that its second quarter net loss was C$1.2 million or C$0.04 per share, compared to net earnings of C$797 thousand or C$0.02 per share in the year-ago quarter.
The S&P/TSX Composite Index rallied 230.95 points or 2.14% to finish at 11,018.10. This marks the best finish since October 1 for Bay Street's main index.
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