RTTNews - Bay Street stocks have surged higher on Thursday morning, boosted by foreign markets. Resource sectors are leading the gainers on Bay Street.
The S&P/TSX Composite Index has rallied 215.54 points or 2.06% to 10,647.90. The market is on target for its best close since June 12.
Mining stocks have surged 4.5%. First Quantum (FM.TO) has jumped 5%, Thompson Creek Metals (TCM.TO) is up 3.5% and Inmet (IMN.TO) has added 2.6%.
Teck Resources (TCK.B.TO) has rallied 4.7% after it reported its second quarter net earnings of C$521 million or C$1.07 per share, compared to C$500 million or C$1.12 per share in the previous year period.
Materials stocks have gained 3.6% as Potash Corp. (POT.TO) has rallied 7.7%. The fertilizer maker reported second-quarter net earnings of US$187.1 million or US$0.62 per share, compared to US$905.1 million or US$2.82 per share in the same quarter last year. Rival Agrium (AGU.TO) has added 7.3%.
Energy stocks have added 2.4% as crude oil has rallied above $67 on the NYMEX. Canadian Natural Resources (CNQ.TO) is up 4.7% and Canadian Oil Sands (COS.UN.TO) has gained 4.7%.
EnCana Corp. (ECA.TO) is up 2.3% . The company reported second-quarter net earnings plunged to US$239 million or US$0.32 per share from prior year's net earnings of US$1.22 billion or US$1.63 per share.
Husky Energy (HSE.TO) has added 6.1% after the company reported second quarter earnings of $430 million or $0.51 per share, compared to $1.36 billion or $1.60 per share a year earlier.
In other corporate news, TransForce (TFI.TO) has added 5.4% said its second-quarter net income decreased to $17.98 million or $0.21 per share from $19.28 million or $0.22 per share in the year earlier period.
Shoppers Drug Mart Corp (SC.TO) has dropped 3.9% after its target price was reduced from $54 to $52 at UBS. The firm maintained a Buy rating.
Vitran Corporation (VTN.TO) has added 2.5% after the company reported second-quarter net income was US$0.44 million or US$0.03 per share, lower than US$4.58 million or US$0.34 per share last year.
Also on Thursday, the Bank of Canada predicted the economy will improve by 1.3% in the current quarter and 3% in the fourth quarter, signaling the end of the recession. The BoC did express concern over the financial situations in the U.S. and Europe in its quarterly monetary policy report.
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