RTTNews - Resource stocks have benefited from higher commodity prices on Tuesday and pushed Toronto's main index above the 10,000 mark.
The S&P/TSX Composite Index has surged 363.78 points or 3.73% to move at 10.126.63. Stocks rallied in the U.S. and Europe yesterday while Canadian markets were closed for Victoria Day.
Mining stocks have soared nearly 8%. Thompson Creek (TCM.TO) jumped almost 15%, First Quantum (FM.TO) surged 12%, Inmet (IMN.TO) gained 9.8% and Teck Cominco (TCK.B.TO) rallied 9.5%.
Energy stocks have added 5.6% with crude oil rising 61 cents to $59.66 on the NYMEX. Earlier, crude touched as high as $60.48.
Among the big names, Nexen (NXY.TO) has added 7.8%, Canadian Natural Resources (CNQ.TO) is up 7.6% and Canadian Oil Sands has surged 7.6%.
Flint Energy (FES) is up 8% after being upgraded to Hold from Buy by Paradigm Capital.
Financials are showing a 3.9% gain. The big six banks are all in the green with Scotiabank (BNS.TO) up 3.3% and National Bank (NA.TO) rising 3.2%.
Meanwhile, Toronto-Dominion Bank (TD.TO) is reportedly expected to submit a bid along with Goldman Sachs for Florida lender BankUnited Financial Corp., according to the Wall Street Journal. The stock is up 4.5%.
Materials stocks have added 3.7% and gold is up 1.8%. The precious metal finished at $926.70, up $5 an ounce on the day.
In corporate news, Canadian agribusiness Viterra (VT.TO) has rallied 2.8% after it offered to acquire all outstanding shares of Australian agribusiness ABB Grain Ltd. for about C$1.4 billion, or A$1.6 billion, in a cash and stock deal. ABB's directors unanimously recommended its shareholders vote in favor of the deal.
Rogers Wireless (RCI.B.TO) and Research In Motion (RIM.TO), Sunday launched the BlackBerry Curve 8900 smartphone in Canada. RIM shares are up 2.3% and Rogers is basically flat.
Erdene Resource Development Corp. (ERD.TO) has added 1.7% after the company reported first-quarter net income of C$681,000 or C$0.01 per share, compared to net loss of C$1.55 million or C$0.02 per share last year.
Gildan Activewear (GIL.TO) surged 18.8% after being upgraded to Buy from Neutral at UBS.
Across the border, Home Depot (HD) reported adjusted first-quarter net income of $587 million or $0.35 per share, down from $697 million or $0.41 per share earned in the same quarter of last year. Wall Street expected earnings of $0.29 per share.
In economic news, the U.S. Commerce Department announced that housing starts dropped 12.8 percent in April to an annual rate of 458,000 units. The result for March was revised to a rate of 525,000 units, a decline of 8.5 percent from the previous month. Analysts had expected starts to rise to a pace of 540,000 units from the rate of 510,000 units that was originally reported for March.
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