RTTNews - Bay Street stocks have come off their highs of the day but remain notably higher in mid-afternoon trading. Strength in the financial sector has led the rally.
The S&P/TSX Composite Index has rallied 112.44 points or 1.04% to move at 10,902.41. Earlier in the day, Toronto's main index reached its highest intraday level in 19 days.
The Financial Index has jumped 3.4% with all of the big six banks in the green. Bank of Montreal (BMO.TO) has rallied 6.6% after the company reported third-quarter net income of C$524 million, compared to C$502 million last year.
CIBC (CM.TO) is on deck to report results tomorrow. Royal Bank (RY.TO), Toronto-Dominion Bank (TD.TO) and National Bank of Canada are scheduled to report Thursday and Scotiabank (BNS.TO) is due on Friday.
Gold stocks are up 1.8%. Ivanhoe (IVN.TO) has soared 18.9% amid reports the company is close to a deal to develop a gold-copper project in Mongolia, according to reports.
In other corporate news, Absolute Software Corp. (ABT.TO) has added 1.4% after the company reported its fourth-quarter net income was C$16.49 million or C$0.35 per share, compared to net loss of C$2.33 million or C$0.05 per share last year.
General Motors Co., now known as Motors Liquidation Co. (MTLQQ.PK), is reportedly considering plans to raise funds to keep Opel, as an alternative to selling the unit to Canadian car-parts maker Magna International (MG.A.TO) along with German-backed bailout funds. Magna stock is up 1.5%.
Alimentation Couche-Tard (ATD-B.TO) has surged 6.75% after the company announced that its first-quarter net earnings were US$91.1 million or US$0.48 per share, compared to US$47.2 million or US$0.24 per share in the year ago quarter.
On the economic front across the border, the S&P/Case-Shiller 20-City Composite Home Price Index fell at an annual rate of 15.4 percent in June compared to a revised 17 percent drop in May. Economists had expected prices to fall 16.4 percent compared to the same month a year ago.
The Conference Board reported its consumer confidence index rose to 54.1 in August. A reading of 48.0 was expected, compared to 46.6 in July.
On Monday, the S&P/TSX Composite Index fell 41.21 points or 0.38% to settle at 10,789.97. Earlier the index had reached above 10,900 for the first time in 2 1/2 weeks.
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