(RTTNews) - Bay Street stocks are higher on Tuesday and have added to a multi-week high. The S&P/TSX Composite Index has gained 68.10 points up 0.73% to 9,353.61. Toronto’s main index climbed to its highest level since Nov. 12 above 9,400 in early dealing, but backed off the highs as crude oil cooled off.

Energy stocks are up 2.4% as crude oil touched above the $50 mark. Suncor (SU.TO) has climbed 7.15%, Baytex (BTE.UN.TO) is up 5.4% and Petro-Canada has gained 3.6%.

Light sweet crude for February delivery has reached $49.19, up 38 cents on the session. Prices hit as high as $50.47 in early trading, topping $50 for the first time since Dec. 15.

Mining stocks have continued to surge with industrial metals such as copper and nickel adding to recent gains. The Diversified Metals and Mining Index is up 6.2% in early trading and has now gained about 30% over the three sessions.

Among the big gainers, FNX Mining (FNX.TO) is up 14.6%, Inmet (INM.TO) has gained 11.9%, First Quantum Minerals (FM.TO) has added 6.6% and Teck Cominco (TCK.B.TO) is up 2.4%.

In corporate news, Rogers Communications (RCI.TO) has dropped 3.4% after the company released its preliminary fourth quarter subscriber statistics, indicating a decline in cable subscriber additions. The Telecommunications Index is up 0.85%.

Luxell Technologies (LUX.TO) fell 20% after the provider of flat panel display technologies announced its quarterly revenues fell to C$318,000 from C$1.46 million a year ago.

On the economic front, Canadian industrial product prices fell 2.6% in December. Economists expected a much more modest decline of 0.9 percent. Raw materials prices fell 13.4%, compared to the 9% drop predicted by experts.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2009 RealTimeTraders.com, Inc. All Rights Reserved

Posted in Categories: Canada, Releases, Stocks.

Subscribe by RSS Subscribe by Email