RTTNews - Toronto stocks rebounded on Thursday, following the lead of commodities. Investors considered the Bank of Canada's decision to leave its key interest rate at 0.25% and looked ahead to Friday's big jobs reports.
The S&P/TSX Composite Index rose 187.12 points or 1.81% to end at 10,477.24. The daily gain is the first in three sessions for the index.
Mining stocks jumped 5% as copper rebounded in U.S. trading. Teck Cominco (TCK.B.TO) rallied 8%, HudBay (HBM.TO) added 7.6% and Inmet (IMN.TO) gained 5.8%.
The Energy Index gained 2.8% as crude oil rallied $2.69 to $68.81 per barrel. Suncor (SU.TO) rose 4.9% and Canadian Oil Sands (COS.UN.TO) jumped 3.7%.
Petro-Canada (PCA.TO) shares gained 4.8% after the company's stockholders approved a $19 billion merger deal with Suncor (SU.TO). Shareholders of Suncor rallied 4.9%.
Crescent Point Energy Trust (CPG.TO) gained 3.1% after the stock was upgraded to Buy from Neutral by UBS.
Trinidad Drilling (TDG.TO) rose 5% after UBS AG upgraded the stock to Buy from Neutral.
Kinross (K.TO) added 3.25% as Vice President James Crossland reportedly said the gold producer is interested in mergers and acquisitions in the countries where it already has operations.
Domtar Corp. (UFS.TO) surged 9% after it announced that it had raised the tender capital from US$250 million to US$400 million, related to its previously announced tender offer for its outstanding 7.875% notes due 2011.
CanWest Global Communications (CGS.TO) rallied 12.2% after the Globe and Mail reported creditors of the company could bring in a chief restructuring officer.
Magna International (MG.A.TO) added another 8.4% amid reports Saab Automobile is interested in being bought by the Canadian auto parts maker.
Investors awaited the release of the Canadian employment report at 8:30 a.m. ET on Friday. Data is expected to show employment fell 36,500 jobs in May, compared to a 35,900 rise in the previous month. The unemployment rate is expected to rise to 8.3%, compared to 8.0% in April.
U.S. employment data is also due at 8:30 a.m. ET on Friday. Non-farm payrolls are expected to show a decline 520,000 in May. This is compared to a 539,000 drop in April. The unemployment rate is predicted to rise 9.2% in May, compared to an 8.9% decline in April.
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