RTTNews - Bay Street stocks surged higher in afternoon trading, pulling Toronto's main index off of a 12-day low. Resource stocks pared some of their recent losses as commodities moved off their daily lows.
The S&P/TSX Composite Index has climbed 207.40 points or 2.13% to 9,916.91. Before the rebound, Bay Street's main index had been down more than 500 points this week.
Mining stocks added 4.5%, erasing some of the sharp losses seen yesterday. Copper recouped its losses after earlier slipping below $2 per pound.
FNX Mining (FNX.TO) has turned to the upside and is showing a 2.6% gain. 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) is up 1.8% 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.
Energy stocks have also moved higher by about 2.3%. Among the big names, Canadian Natural Resources (CNQ.TO) has added 3.6%, Suncor (SU.TO) is up 3.3% and Canadian Oil Sands (COS.UN.TO) has gained 3%.
Financials have gained 2.2%, recovering some of yesterday's losses. Royal Bank (RY.TO) has gained 2.8%, Scotiabank (BNS.TO) is up 2.6% and Toronto-Dominion (TD.TO) has climbed 2.3%.
In other corporate news, Gildan Activewear (GIL.TO) has surged nearly 24% 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) has 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) is down 0.4% amid reports the flight simulator manufacturer will lay off 700 employees.
Shares of Potash (POT.TO) are up 5%. The fertilizer maker will continue to reduce output until Chinese demand increases, according to Bloomberg.
Stantec (STN.TO) is up 2.5% after agriculture design company reported first-quarter net income of C$20.7 million or C$0.45 per share, compared to C$16.9 million or C$0.37 per share in the same quarter last year.
Cascades (CAS.TO) rallied 16.4% 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 9. This was up 32,000 from the previous week's revised total of 605,000.
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