Bay Street stocks have moved into positive territory again on Thursday and are on pace to end a two-session losing streak. The market had dropped off of a five-week high with the slump.
The S&P/TSX Composite Index has gained 152.86 points or 1.73% to move at 8,850.39. The index followed the lead of stocks in the U.S.
Mining stocks have surged 4.85 to lead the way. Lundin Mining (LUN.TO) has soared 13.9% as the Congo mining minister said the government will not significantly alter contracts. Hudbay Minerals (HBM.TO) and Teck Cominco (TCK.B.TO) has added 5.4%.
Industrials are up 2.1%, led by a 6.2% gain for Canadian National Railway (CNR.TO) and a 5.4% rally for rival Canadian Pacific (CP.TO).
Tech stocks have added 3.4% as Research in Motion (RIM.TO) is up 6.4%. RIM's stock was upgraded by Goldman Sachs.
Energy stocks have surged 3.2% as crude oil gained on the NYMEX. Light sweet crude for May delivery rallied to $54.13, up $1.36 for the day.
Savanna (SVY.TO) has rallied 8.4%, Canadian Oil Sands (COS.UN.TO) is up 5.1%, Baytex (BTE.UN.TO) has gained 4.9% and Suncor (SU.TO) is up 4.7%. Berens Energy (BEN.TO) has jumped 5.5% after the company reported fourth quarter funds from operations climbed 26% to C$10.05 million from C$7.99 million a year ago, and FFO per share rose 22% to C$0.11 from prior year's C$0.09.
In other corporate news, QLT (QLT.TO) is up 1% after the company announced the appointment of Kathryn Falberg to its board of directors and audit committee, effective March 25, 2009.
Isotechnika Inc. (ISA.TO) has surged 14.3% after the biopharmaceutical company said its partner, Lux Biosciences, reported positive results for its treatment of uveitis, an autoimmune disease characterized by chronic inflammation of the eye.
Iamgold Corp. (IMG.TO) has lost 2.1% after the company said it has completed its previously announced overnight marketed public offering of common shares at a price of C$8.75 each.
On the economic front, Parliamentary Budget Officer Kevin Page said the Canadian economy will shrink 8.5% in the first quarter. In testimony to the House of Commons Finance Committee, Page added output will fall 3.5% in the second quarter.
Across the border, Treasury Secretary Tim Geithner called for a stronger regulatory system with increased government power as he testified before the House Financial Services Committee.
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