RTTNews - Bay Street stocks have surged in Thursday morning trading and have extended a six-week high as traders reacted generally favorably to a barrage of earnings reports.
The S&P/TSX Composite Index has jumped 161.43 points or 1.54% to move at 10,593.78. The market fell modestly in each of the last two sessions after rising in six in a row.
Mining stocks have climbed 3.7% as Teck Resources (TCK.B.TO) is up 3.2% after it reported its second quarter net earnings of C$521 million or C$1.07 per share, compared to C$500 million or C$1.12 per share in the previous year period.
Among the other big names, First Quantum (FM.TO) has added 3.9%, Thompson Creel Metals (TCM.TO) has added 3.6% and Inmet (IMN.TO) is up 3.2%.
Materials stocks are up 2.1% as Potash Corp. (POT.TO) has climbed 2.6%. The fertilizer maker reported second-quarter net earnings of US$187.1 million or US$0.62 per share, compared to US$905.1 million or US$2.82 per share in the same quarter last year. Agrium (AGU.TO) has added 3.7%.
Financials have added 1.9% as the big banks are in the green, CIBC (CM.TO) has added 1.8%, National Bank (NA.TO) is up 1.4% and Bank of Montreal (BMO.TO) has added 1.3%.
Energy stocks have added 1.75% as EnCana Corp. (ECA.TO) is up 2.2% after a better-than-expected quarterly report. The company reported second-quarter net earnings plunged to US$239 million or US$0.32 per share from prior year's net earnings of US$1.22 billion or US$1.63 per share.
Husky Energy (HSE.TO) has jumped 3.5% after the company reported second quarter earnings of $430 million or $0.51 per share, compared to $1.36 billion or $1.60 per share a year earlier.
In other corporate news, Celestica (CLS.TO) has dropped 4.6% after the company announced that second quarter earnings of US$5.3 million or US$0.02 per share, compared to US$39.8 million or US$0.17 per share last year.
TransForce (TFI.TO) has added 5.9% said its second-quarter net income decreased to $17.98 million or $0.21 per share from $19.28 million or $0.22 per share in the year earlier period.
Vitran Corporation (VTN.TO) has added 2.5% after the company reported second-quarter net income was US$0.44 million or US$0.03 per share, lower than US$4.58 million or US$0.34 per share last year.
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