RTTNews - Resource stocks have followed commodity prices higher on Wednesday morning and has led Toronto's main index above the 10,300 mark. The index is up more than 500 points already this week.
The S&P/TSX Composite Index is up 199.38 points or 1.97% to move at 10,300.33. If the gains hold, this will be the highest finish for the index since October.
Mining stocks are up 3.6% with copper adding 5 cents to $2.1235 per pound. Teck Cominco (TCK.B.TO) has rallied 5.1%, Thompson Creek Materials (TCM.TO) is up 4%, Inmet (IMN.TO) has climbed 3.4% and First Quantum (FM.TO) has gained 2.8%.
Gold stocks have added 3.5% and materials stocks have gained 3.4% as the precious metal has gained $11.30 to $939.20 per ounce. Novagold (NG.TO) is up 5.4%, Agnico-Eagle Mines (AEM.TO) has gained 5.2%, Goldcorp (G.TO) is up 4.7% and Kinross (K.TO) has risen 4.5%.
Energy stocks are up 2.6% as crude oil has gained more than $2 a barrel. Canadian Oil Sands (COS.UN.TO) is up 4.6%, Nexen (NXY.TO) has jumped 4.3%, Suncor (SU.TO) has gained 3.3% and Encana (ECA.TO) is up 2.5%.
In other corporate news, Canaccord Capital (CCI.TO) is up 6.4% after it reported adjusted net income for the fourth quarter was C$3.8 million or $0.07, compared to net income of C$7.2 million or $0.15 in the same period of the prior year.
Silver Wheaton Corp. (SLW.TO) has added 3.6% after the company said that the shareholders of Silverstone Resources have approved the proposed arrangement, whereby Silver Wheaton will acquire all of the shares of Silverstone at an exchange ratio of 0.185 common shares of Silver Wheaton for each common share of Silverstone.
Sun Life Financial (SLF.TO) is up 2.7% after the company announced the completion of a Canadian public offering of $250 million of Class A Non-Cumulative 5-Year Rate Reset Preferred Shares Series 6R, or Series 6R Shares, at a price of $25.00 per share.
In economic news, the Canadian consumer price index fell 0.1% in April, compared to a 0.3% drop in the previous month. The data came in-line with expectations.
Statistics Canada reported leading indicators declined 1.1 percent in the month of April, compared to a revised 1.5% drop for March.
Across the border, industry data showed that mortgage application volume ticked up over 2 percent last week, as refinance activity jumped over 4 percent.
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