TSX Clinging To Early Gains, Up More Than 100 Points

(RTTNews) - Rising commodities prices have lifted resources stocks on Bay Street Friday, staking Toronto’s main index to a triple-digit advance.

The S&P/TSX Composite Index is up 117 points at 10,817.12 following two straight days of minimal gains.

Gauges of all major sectors were moving in the green, with energy stocks up 1.7 percent and information technology stocks up 2 percent.

Energy shares have gotten a boost from rising crude prices. Oil hit its highest level of 2009 this morning, jumping above $74.

Gold and other metals producers are also seeing strength.

Promising economic news out of the Eurozone gave investor sentiment a boost, lifting the euro and loonie at the expense of the dollar.

In corporate news, drug maker Patheon Inc. (PTI.TO) announced that Switzerland’s Lonza Group has submitted a non-binding proposal to acquire all of the outstanding Restricted Voting Shares of Patheon at a price of US$3.55.

Pantheon said Patheon said the bid trumps the $2 per share hostile takeover offer from JLL Partners Inc.. Pantheon shares have skyrocketed 34 percent.

Elsewhere, a New Jersey court threw out a lawsuit filed by the pharmaceutical company Biovail (BVF.TO) against SAC Capital Management LLC. Biovail shares are up 0.5 percent.

Tristar Oil and Gas (TOG.TO) is up 1 percent after an analyst at CIBC reduced his rating on the company to “sector performer.”

Delphi Energy Corp. (DEE.TO) and Fairmount Energy Inc. (FMT.V), announced that they had entered into an acquisition agreement, in which the former will acquire all of the outstanding common shares of Fairmount for a consideration of approximately C$14.5 million. Delphi shares are up 8 percent.

Across the border in the US, Federal Reserve Chairman Ben Bernanke spoke in Jackson Hole, Wyoming, insisting that economic recovery is likely to be sluggish.

Meanwhile, sales of previously owned U.S. homes in July notched their fastest pace in nearly two years.

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