RTTNews - Bay Street stocks have seen notable strength in Tuesday morning trading. High commodity prices and a strong day for Research in Motion (RIM.TO) has driven the market higher.
The S&P/TSX Composite Index has climbed 138.83 points to 1.37% to 10.533.61. The index fell 2.35% in the previous session.
Mining stocks have added 2.5%, erasing some of yesterday's weakness. Teck Cominco (TCK.B.TO) has rallied 3.3% to lead the big names.
Equinox Minerals (EQN.TO) has added 3.5% after the shares were upgraded to Sector Perform from Underperform by RBC Capital Markets.
Gold stocks are up 2.4% and materials stocks have added 1.8% as the precious metal is up $8.80 to $936.30 in Comex trading. Goldcorp (G.TO) is up 3.2%, Eldorado Gold (ELD.TO) has added 3% and Royal Gold (RGL.TO) added 2.5%.
Agnico-Eagle Mines (AEM.TO) has added 2.1% after the company said that it has executed a new non-amortizing US$600 million revolving credit facility, maturing June 2012.
Technology stocks have added 2.2%. Research in Motion (RIM.TO) has gained nearly 3% after a pair of analysts boosted price estimates for the Blackberry maker. Thomas Weisel raised its forecast to $92 per share from $85 and RBC Capital Markets upped its outlook price to $100 per share from $90.
This summer, RIM will unveil its new BlackBerry Tour, which is designed to compete with the latest iPhone from Apple (APPL).
In other corporate news, Magna International (MG.A.TO) has surged 8.1% after the company was upgraded to Overweight from Neutral by JPMorgan Chase.
Air Canada (AC.B.TO) has soared 14.1% as the company has reportedly reached tentative deals with its pilots and flight attendants regarding the airliner's pension obligations.
On the economic front, Stats Canada said the labor productivity of Canadian businesses rose 0.3% in the first quarter.
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