RTTNews - A strong day for resource stocks led Toronto's main index to the plus side of 10,000 again. Investors also considered the Federal Reserve's highly-expected decision to leave interest rates alone.
The S&P/TSX Composite Index has added 204.21 points or 2.06% to move at 10,100.93. The index posted a second straight positive close after a sharp sell-off on Monday.
Mining stocks added 3.7% as HudBay (HBM.TO) rallied 5.1%, Teck Resources (TCK.B.TO) gained 3.7% and First Quantum (FM.TO) climbed 2.3%.
Gold stocks are up 2.9% and materials stocks have added 2.4% as the precious metal climbed $10.10 to $934.40. Agnico-Eagle (AEM.TO) and Kinross (K.TO) each added 5.1% and Eldorado (ELD.TO) rose 4.9%.
Financials rose 2.75%. Royal Bank (RY.TO) added 3.25%, National Bank (NA.TO) gained 3.1% and Bank of Montreal (BMO.TO) rose 2.9%.
Energy stocks added 1.5%. Addax Petroleum (AXC.TO) gained 7.25% after the company agreed to be bought by Sinopec for C$8.3 billion or C$52.80 per common share in cash.
In other corporate news, Starfield Resources (SRU.TO) jumped 12.9% after the company said that it has agreed to acquire all of the outstanding securities of Nevoro Inc. (NVR.TO). Nevoro rose 8.7%.
Western Canadian Coal (WTN.TO) added 7.8% after the company said that its shareholders have approved the proposed acquisition of Cambrian Mining for about C$120 million
Gildan Activewear (GIL.TO) rallied 4.6% after the stock's target price was raised to $20 from $19 by UBS, which maintained the company's Buy rating.
In economic news, the Teranet-National Bank National Composite House Price Index dropped 6.7% in the month of April, falling for a fifth straight month.
Also on Wednesday, the Organization for Economic Cooperation and Development said the Bank of Canada leave its interest rates at 0.25% through 2010. The OECD also raised its outlook for its 30 member naionals for the first time in two years.
On Thursday, Inscape Corporation (INQ.TO) and Mosaid Technology (MSD.TO) are on the earnings calendar.
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