RTTNews - Bay Street stocks remained notably higher in Wednesday afternoon trading, erasing some of the weakness seen earlier in the week. A strong session for commodities has provides a spark for resource stocks.
The S&P/TSX Composite Index has added 184.10 points or 1.86% to move at 10,080.82. The market is on pace for a second straight positive close after a sharp sell-off on Monday.
Mining stocks have added 4.4% as copper rose 6.8 cents on the Comex. Inmet (IMN.TO) is up 6.2%, HudBay (HBM.TO) has added 4.7% and Teck Resources (TCK.B.TO) is up 4.6%.
Financials have rallied 4% as the big six banks have enjoyed a strong day. Royal Bank (RY.TO) is up 2.9%, Bank of Montreal (BMO.TO) has added 2.6% and National Bank (NA.TO) has rallied 2.5%.
Gold stocks are up 2.7% and materials stocks have added 2.6% as the precious metal climbed $10.10 to $934.40. Agnico-Eagle (AEM.TO) has added 5.1%, Kinross (K.TO) is up 5% and Eldorado (ELD.TO) has added 3.3%.
Energy stocks are up 1.8%. Vermilion Energy (VET.UN.TO) is up 3.7%, Husy (HSE.TO) has added 2.2% and Canadian Oil Sands (COS.UN.TO) has added 1.75%.
Addax Petroleum (AXC.TO) has rallied 8.6% after the company agreed to be bought by Sinopec for C$8.3 billion or C$52.80 per common share in cash.
Starfield Resources (SRU.TO) has soared 12.9% after the company said that it has agreed to acquire all of the outstanding securities of Nevoro Inc. (NVR.TO). Nevoro has rallied 13%.
Western Canadian Coal (WTN.TO) has aded 7.8% after the company said that its shareholders have approved the proposed acquisition of Cambrian Mining for about C$120 million
Gildan Activewear (GIL.TO) has rallied 5% after the stock's target price was raised to $20 from $19 by UBS, which maintained the company's BUy rating.
Ritchie Bros. (RBA.TO) has added 4.2% after being initiated at Buy at Sterne Agee with a target price of $27.
The Teranet-National Bank National Composite House Price Index dropped 6.7% in the month of April, falling for a fifth straight month.
The Federal Open Market Committee's interest rate decision at 2:15 p.m. ET at the end of a two-day meeting. Rates are expected to remain unchanged.
Also on Wednesday, the Organization for Economic Cooperation and Development said the Bank of Canada leave its interest rates at 0.25% through 2010. The OECD also raised its outlook for its 30 member naionals for the first time in two years.
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