RTTNews - Strength in the mining sector led Toronto's main index away from a two-week low on Thursday. With the rally, Bay Street stocks finished in the green for the first time this week.
The S&P/TSX Composite Index climbed 139.69 points or 1.43% to 9,849.20. Before the rebound, Bay Street's main index had lost more than 500 points from last Friday's seven-month high.
Mining stocks added 3.5%, erasing some of the sharp losses seen yesterday. Teck Cominco (TCK.B.TO) gained 7.8% and First Quantum (FM.TO) climbed 4.9%.
FNX Mining (FNX.TO) finished a choppy session up 0.8%. The company reported a first-quarter net loss of C$26.2 million or C$0.31 per share, compared to net income of C$24.1 million or C$0.28 per share in the same quarter last year.
Denison Mines Corp. (DML.TO) inched up 0.9% as the company posted a net loss for the first quarter of US$1.33 million or US$0.01 per share, in comparison with a net loss of US$10.46 million or US$0.06 per share in the same quarter a year-ago.
Financials gained 1.65% as Royal Bank (RY.TO) gained 2.6%, National Bank (NA.TO) added 1.6% and Scotiabank (BNS.TO) rose 1.5%.
Energy stocks added 1.5% as crude oil added 60 cents to $58.62 per barrel on the NYMEX. Suncor (SU.TO) added 2.8%, Canadian Natural Resources (CNQ.TO) climbed 2.45% and Canadian Oil Sands (COS.UN.TO) increased 1.4%.
Gildan Activewear (GIL.TO) jumped 24.1% after reporting second-quarter sales of US$244.8 million, compared to the $226.42 million projected by analysts.
The apparel manufacturer reported its net income fell to US$7.1 million, or US$0.06 per share, from US$42.1 million, or US$0.35 per share, in the year-ago quarter.
Meanwhile, Canadian Tire (CTC.TO) added 4.8%. The company posted first quarter net earnings of C$49.7 million or C$0.61 per share, compared to C$67.1 million or C$0.82 per basic in the prior year period.
CAE Inc. (CAE.TO) fell 2.3% as the Globe and Mail reported the flight simulator manufacturer will lay off 700 employees.
Shares of Potash (POT.TO) gained 4.6%. The fertilizer maker will continue to reduce output until Chinese demand increases, according to Bloomberg.
Cascades (CAS.TO) soared 25.3% after it reported first quarter net earnings of C$37 million or C$0.38 per share, compared to a loss of C$4 million or C$0.04 per share in the same quarter of last year.
On the economic front, the Canadian Real Estate Association reported home sales climbed 11.2% to 34,838 in the month of April, adding to a 7.7% gain seen in March and a 10.3% spike in February. The average price dropped 3.2%.
The U.S. Labor Department said initial jobless claims, a closely-watched measure of layoffs, jumped to 637,000 for the week ended May 9th. This was up 32,000 from the previous week's revised total of 605,000.
A separate Labor Department report showed that the producer price index rose 0.3 percent in April following an unrevised 1.2 percent decrease in March. Economists had been expecting a slightly more modest increase in prices of about 0.2 percent.
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