Bay Street stocks have rallied again on Friday, following the lead of U.S. and European markets, and are on pace to close at a five-month high. Stocks around the world have been boosted by a narrower than feared quarterly loss by beleaguered automaker Ford Motor (F).
The S&P/TSX Composite Index has jumped 125.71 points or 1.33% to 9,535.19. Toronto's main index is on pace to close above 9,500 for the first time since Nov. 9.
Ford reported a net loss was sharply narrower than expected in the first quarter. The company reported a first-quarter net loss of $1.4 billion or $0.60 per share, compared to a loss of $1.23 per share expected by analysts.
On Bay Street, mining stocks have led the gainers with a 4% surge. First Quantum (FM.TO) has jumped 7.9%, Teck Cominco (TCK.B.TO) is up 4% and FNX Mining (FNX.TO) has gained 2.9%.
HudBay (HBM.TO) has rallied 6.4% amid reports in the Globe and Mail the company has hired outside advisors to consider the company's options, including the possible sale of the company.
Energy stocks are up 2.7% as crude oil has jumped $1.56 to $51.18 on the NYMEX. Canadian Oil Sands (COS.UN.TO) has gained 3.7%, Baytex (BTE.UN.TO) is up 3.2%, Suncor (SU.TO) has added 3.1% and Encana (ECA.TO) is up 2.7%.
Light sweet crude oil for June delivery rallied to $51.18, up $1.56 on the session. Prices touched as high as $51.60 in the early going. With the rally, oil climbed further away from the monthly-low from Monday.
UTS Energy Corp. (UTS.TO) confirmed that it has deemed the offer of C$1.75 cash per share made by Total S.A. is inadequate and not in the best interest of UTS.
Materials stocks added 2.8% and gold stocks are up 2.7% with the price of gold up $1.70 to $908.30 per ounce. New Gold (NGD.TO) is up 5.8%, Iamgold (IMG>TO) is up 5.5% and Agnico-Eagle Mines (AEM.TO) has added 3%.
In other corporate news, Canadian Pacific Railway Ltd. (CP.TO) said Thursday its first quarter profit was C$62.5 million or C$0.39 per share, down from C$90.7 million or C$0.59 per share in the prior year quarter.
Kingsway Financial Services (KFS.TO) announced that it has appointed Colin Simpson as president and chief executive officer, effective immediately.
Shopers Drug Mart (SC.TO) has dropped 1.3% after the company was downgraded to Outperform from Top Pick by RBC Capital Markets.
Meanwhile, Jean Coutu Group Inc. (PJC.A.TO) added 1% despite being downgraded to Sector Perform from Outperform by RBC.
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