Bay Street stocks remain well into positive territory in Wednesday afternoon trading as investors are shaking off weaker-than-expected U.S. gross domestic product data. Traders also considered the latest from earnings season as well as the Federal Reserve's decision to leave rates as is.
The S&P/TSX Composite Index has added 115 points or 1.23% to move at 9,463.62. Bay Street's main index is on target for its first daily gain in three sessions.
Mining stocks have gained 6% to lead the way as copper added 9.4 cents to end at $2.01 per pound. First Quantum (FM.TO) has surged 8%, Teck Cominco (TCK.B.TO) has rallied 7.8%, Thompson Creek Metals (TCM.TO) has added 4.8%, FNX Mining (FNX.TO) has climbed 3.2% and HudBay Minerals (HBM.TO) has added 2.4%.
Energy stocks have added 2% as crude oil ended at $50.97 per barrel, up $1.05 on the day. Encana (ECA.TO) has added 2.2%, Baytex Energy Trust (BTE.UN.TO) has climbed 1.9% and Suncor (SU.TO) is up 1.6%.
Talisman Energy (TLM.TO) has rallied 6.2%. The company reported first quarter net income of C$455 million or C$0.45 per share, compared to C$466 million or C$0.45 per share in the same period last year.
In other corporate news, Canada Bread (CBY.TO) has rallied 7.5% after the company reported first quarter net earnings of C$14.88 million or C$0.59 per share, compared to C$12.21 million or C$0.48 per share in the same quarter of last year.
Norbord (NBD.TO) has gained 4.1%. The wood product maker announced first quarter net loss of US$22 million or US$0.05 per share, compared to a loss of US$31 million or US$0.21 per share last year. Net sales for the quarter fell US$156 million from US$234 million in the prior year quarter.
Ballard Power Systems (BLD.TO) has dropped 4.1% after the company reported net loss for the first quarter of US$18.6 million, or US$0.22 per share, compared to a net income of US$81.0 million or US$0.87 per share in the same period last year.
Rogers Communications (RCI.B.TO) is flat after the company reported first quarter earnings of C$0.49 per share versus C$0.54 per share in the prior year.
Barrick Gold (ABX.TO) is flat after the company reported adjusted net income was US$298 million or US$0.34 per share, compared to US$537 million or US$0.62 per share in the comparable quarter last year. Analysts expected the company to earn US$0.36 per share for the quarter.
Canam Group (CAM.TO) has gained 7% after it reported a first quarter net earnings of C$5.4 million or C$0.12 per share, compared to C$7.6 million or C$0.15 per share in the prior year quarter.
Sherritt International Corp. (S.TO) has added 3% after the company revealed first-quarter adjusted net income for the quarter was C$14.5 million or C$0.05 per share.
Across the border, the Commerce Department report showed that GDP decreased at an annual rate of 6.1 percent in the first quarter compared to a 6.3 percent drop in the fourth quarter. Economists had been expecting a more modest decline of about 4.7 percent.
The policymaking arm of the Federal Reserve voted unanimously to keep the target range between 0 and 0.25 percent, in an announcement that was largely unchanged from the March decision. The Federal Open Market Committee noted that the economy has continued to contract, though the pace of contraction appears to be somewhat slower.
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