Bay Street Stocks Rally More Than 1% To Three-Week High

(RTTNews) - Resource stocks led Toronto’s main index to its best close in three weeks on Wednesday. The rise was the first in three sessions for the market.

The S&P/TSX Composite Index gained 119.24 points or 1.04% to settle at 11,532.78.

Technology stocks rose 2.4%. MDA (MDA.TO) rallied 3.3%, Celestica (CLS.TO) jumped 2.9% and Open Text (OTC>TO) is up 2.25%.

Mining stocks gained 2.2%. Teck Resources (TCK.B.TO) added 3.7%, Inmet (IMN.TO) gained 3% and HudBay (HBM.TO) climbed 1.2%.

Energy stocks rose 2.1% as crude oil finished above $75 per barrel. Suncor (SU.TO) and Baytex Energy Trust (BTE.UN.TO) each rose 4.3% and Canadian Natural Resources (CNQ.TO) added 3.4%.

Vermilion Energy Trust (VET_UN.TO) has dropped 3.75% after the company announced a bought deal to sell 7.3 million trust units at $30.90 per trust unit to raise gross proceeds of $225 million.

In corporate news, Aquiline Resources (AQI.TO) surged 19.2% after reaching a deal to be acquired by Pan American Silver (PAA.TO) in a stock deal worth about C$626 million. Pan American Silver lost 6%.

Barrick Gold (ABX.TO) lost 0.9% after the company priced an aggregate of $1.25 billion debt securities that consist of $400 million of 4.95% notes due 2020 and $850 million of 5.95% notes due 2039.

Plutonic Power Corp. (PCC.TO) lost 7.2% after the company revealed a bought deal to sell 21 million common shares at a price of $3.35 per common share for gross proceeds of $70.35 million.

Glendale International (GIN.TO) gained 8.2% after the company reported for the third quarter a net loss of C$2.1 million or C$0.23 per share, narrower than C$2.23 million or C$0.24 per share posted a year ago.

In economic news, Canadian new motor vehicle sales fell 0.3% to 126,401 units in August as sales of passenger cars slipped.

Manufacturing shipments data is due at 8:30 a.m. ET tomorrow. A decline of 1.6% is forecast for August, compared to a rise of 5.5% in July.

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