RTTNews - Toronto stocks surged again on Tuesday morning and reached an eight-month high. While Canadian traders celebrated Civic Day on Monday, commodities and global stocks saw notable strength.
The S&P/TSX Composite Index has rallied 145.78 points or 1.35% to 10,932.93. This marks the best intraday level since October 3.
Mining stocks rallied 4.1%, benefitting from copper's sharp rally yesterday. Inmet (IMN.TO) has added 5.1%, First Quantum (FM.TO) is up 4.4% and Teck Resources (TCK.B.TO) has gained 4.2%.
Materials stocks have added 2.6% and gold stocks are up 1.5%. Kinross (K.TO) is up 1.25% after the company said employees at its subsidiary Compania Minera Mantos de Oro in Chile have voted in favor of a new collective agreement, ending a strike at the La Copia mine that began in July 2008.
Energy stocks are up 1.9% as crude oil remains above $70 per barrel. Canadian Natural Resources (CNQ.TO) has rallied 3.5% and Canadian Oil Sands (COS.UN.TO) is up 2.2%.
Suncor Energy (SU.TO) is up 3.1% after the company announced the completion of its merger with oil and gas company Petro-Canada on August 1. The new Suncor is expected to contribute annual reductions of $1 billion in capital spending, in addition to expected annual savings of $300 million in operational expenditures.
In other corporate news, Saputo (SAP.TO) has gained 2.4% after the company said its first-quarter net earnings totaled C$84.8 million or C$0.41 per share, up from C$83.0 million or C$0.40 per share in the prior year period.
Orvana Minerals Corp. (ORV.TO) is up 1.3% after the company announced that it has extended its all-cash offer of C$0.75 per share for all outstanding common shares of Kinbauri Gold Corp. (KNB.V) The bid is now set to expire on August 17.
Cardiome Pharma Corp. (COM.TO) appointed Doug Janzen as President and Chief Executive Officer, effective immediately. Janzen was formerly President and Chief Business Officer of the company. Shares are up 0.2%.
Bay Street stocks rallied to their highest level in almost eight months on Friday. The S&P/TSX Composite Index rallied 110.43 points or 1.03% to settle at 10,787.15.
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