Bay Street Stocks Move Higher As Energy Stocks Rise - Canadian Commentary

(RTTNews) - Toronto stocks moved mildly higher in early trading on Friday, reversing Thursday’s losses. The S&P/TSX Composite Index climbed 244.68points or 2.64% to 9,514.62 points in mid-morning trading.

Energy stocks led the gainers as crude oil climbed back above the key $70 mark on the New York Mercantile Exchange. The energy sector was up 3.7% in early trading. Compton Petroleum (CMT.TO) climbed 9.7%. Baytex Energy Trust (BTE-UN.TO) jumped 9.2% and Precision Drilling Corp. (PD.TO) added 8.4%.

The Health Care Index is up 2.4%, the Metals and Mining index gained 2.11% and Utilities Index increased by 2.08%. The gauge of the heavily-weighted financial sector was up 1%.

Gold stocks led the losers as the precious metal fell to a monthly low in futures trading. The gold index fell 5.2%. Goldcorp (G.TO) dropped by 5.13% to lead the decliners. Crystallex International fell 4%.

Among individual stocks, Atco Ltd. (ACO.TO) added 5% on an upgrade. Agrium (AGU.TO) dropped 5.5% as UBS lowered its price-estimate for the company.

Sears Canada (SCC.TO) was up slightly after the company said its Senior Vice-President and Chief Financial Officer David Merkley will resign to pursue other interests. The company appointed Allen Ravas as its new finance chief with effect from October 20.

Meanwhile, Priszm Income Fund (QSR.UN.TO) climbed after the fast food restaurant chain announced a decline in third quarter net income. Net income for the quarter was C$3.517 million or C$0.190 per share from C$4.630 million or C$0.281 million in the previous year. Income from continuing operations was C$3.067 million, down from C$4.533 million in the prior year.

Bay Street slipped 53.88 points to 9,269.97 on Thursday. Shares have been highly-volatile over the past few days, rising nearly 900 points on Tuesday before giving back 650 points on Wednesday. Last Friday, the main index closed at a 3 1/2 year low of 9,065.

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