(RTTNews) - Resource stocks led Toronto’s main index to a third straight session on Thursday. Strong sessions for gold and oil on the NYMEX helped spark the markets.

The S&P/TSX Composite Index added 167.89 points or 1.93% to 8,860.98. Toronto’s main index ended at its highest level since Jan. 28.

Mining stocks rallied 8.5% to lead the way. Ivanhoe (IVN.TO) surged 24.5%, Hudbay (HBM.TO) added 10.1%, First Quantum (FM.TO) jumped 9.9%, FNX Mining (FNX.TO) climbed 9.6% and Teck COminco (TCK.B.TO) added 6.4%.

Materials stocks gained 4.2% and gold stocks rallied 2.8% as the precious metal rose on the Comex. Centerra (CG.TO) closed up 6.6%, Barrick Gold (ABX.TO) and Agnico-Eagle Mines (AEM.TO) each added 4.2% and Kinross (K.TO) increased 3.5%.

Energy stocks are up 1.9% as crude oil turned higher in U.S. trading. Canadian Natural Resources (CNQ.TO) rallied 5.2%, Petro-Canada (PCA.TO) rose 5% and Encana (ECA.TO) gained 2.8%.

Husky Energy (HSE.TO) fell 1.8% after the company announced announced fourth quarter earnings per share of C$0.27, down from C$1.26 a year ago.

Financials are up 1.8% after recouping early losses. CIBC (CM.TO) added 3.2%, Scotiabank (BNS.TO) gained 2.6% and Royal Bank (RY.TO) gained 2%.

Canadian Western Bank (CWB.TO) fell 2% after the company said it will issue at least $200 million in preferred shares.

In other corporate news, Brookfield Properties (BPO.TO) soared 19.4% after the company reported fourth-quarter net income of US$458 million or US$1.16 per share, compared to US$105 million or US$0.27 per share in the same quarter last year.

Also, the board of Certicom Corp (CIC.TO) determined that a $3-per-share takeover offer from Research in Motion (RIM.TO) was superior to that of VeriSign. Certicom shares inched up 1.3% on the news.

RIM pared early losses and closed 1.2% higher. The Blackberry maker said a panel of Commissioners of the Ontario Securities Commission has approved a settlement agreement with the company.

Fortis (FTS.TO) is up 0.4%. The company reported fourth-quarter net earnings applicable to common shares of C$76 million or C$0.46 per share, compared to C$79 million or C$0.49 per share last year.

Manitoba Telecom Services (MBT.TO) fell 0.4% after the company posted fourth quarter net income of C$13.7 million or C$0.21 per share, compared to C$14.3 million or C$0.22 per share in the last year quarter.

Domtar Corp. (UFS.TO) fell 3.1% after the company reported a net loss for the fourth quarter of $676 million or $1.31 per share, compared to a net loss of $26 million or $0.05 per share for the fourth quarter of 2007.

JDSU Uniphase Corp. (JDU.TO) added 1.2% after the company announced its adjusted net income came in at $24.8 million or $0.11 per share, compared to $50.2 million or $0.22 per share last year.

Bombardier (BBD.B.TO) fell 4.6% after the company announced it will cut 1,360 jobs at its aerospace unit.

On the economic front, data showed Canadian building permits fell 3.9% in December and reached the lowest level since January 2006. A drop of about 5% was expected.

In the U.S., the Labor Department report showed that initial jobless claims rose to 626,000 from the previous week’s revised figure of 591,000. Economists had expected jobless claims to edge down to 580,000 from the 588,000 originally reported for the previous week.

Across the Atlantic, the European Central Bank left its key interest rate unchanged at 2% in February. Meanwhile, the Bank of England lowered its key interest rate by 50 basis points to 1%. Both moves were widely-predicted.

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