RTTNews - Strength in the telecommunications and financial sectors has led Toronto's main index back above 10,000. With the rally, the market has added to last week's gains.
The S&P/TSX Composite Index has climbed 62.33 points or 0.62% to 10,055.86. Trading is light with U.S. markets closed for Memorial Day.
Telecom stocks are up 2.25% with giants Bell Canada (BCE.TO) and Rogers Communications (RCI.B.TO) both up about 3.5%.
Financials have added 1.9% ahead of earnings reports from several big banks. Bank of Montreal (BMO.TO) has added 3.6%, CIBC (CM.TO) is up 3.1%, National Bank (NA.TO) has gained 2% and Toronto-Dominion (TD.TO) is up 1.9%. Bank of Montreal, Toronto-Dominion, Royal Bank (RY.TO) and Scotiabank (BNS.TO) are set to release earnings later this week.
In corporate news, Magna International (MG.A.TO) has added 2.5% after the automotive supplu company said that it along with Sberbank Rossii or Sberbank, has made a non-binding indicative offer to acquire Opel for Euro 700 million, partially backed by German government.
Air Canada (AC.A.TO) is udown 1.35%. The Globe and Mail reported the airliner reached a deal with a credit card company to drop unrestricted cash it has on hand, in an effort to maintain financial stability.
Taiga Building Products (TBL.TO) reported a net loss for the fourth quarter of C$4.5 million or C$0.14 per share, compared to a loss of C$3.6 million or C$0.11 per share in the year-ago quarter. However, shares have soared nearly 38%.
Imperial Oil (IMO.TO) announced it will proceed with its C$8 billion project in Northeastern Alberta. Shares are up a quarter-percent.
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