Resource Stocks Drive TSX Notably Higher - Canadian Commentary

(RTTNews) - Toronto stocks are posting notable gains on Wednesday morning, led by strength in the resource sectors. The market has moved to a three-week high with the rally.

The S&P/TSX Composite Index has rallied 96.37 points or 0.84% to move at 11,510.51. The market had dropped in the last two sessions after rising in four straight.

Energy stocks are up 1.8% as crude oil has moved above $75 on the NYMEX. Suncor (SU.TO) has added 3.2%, Canadian Oil Sands (COS.UN.TO) is up 2.8% and Baytex (BTE.UN.TO) has gained 2.2%.

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.

Mining stocks have added 1.7% as copper has jumped 3.75% on the Comex. Teck Resouces (TCK.TO) has rallied 3.1% and Inmet (IMN.TO) has gained 2.9%.

In corporate news, Aquiline Resources (AQI.TO) has soared more than 20% 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 has dropped 5.6%.

Barrick Gold (ABX.TO) 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. The stock is down 0.7%.

Plutonic Power Corp. (PCC.TO) has dropped 8.1% after announcing 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) has rallied 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.

Across the border, JPMorgan Chase & Co. (JPM) reported a sharp increase in third-quarter profit, while Intel (INTC) beat the expectations of analysts.

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

On Tuesday, the S&P/TSX Composite Index fell 39.43 points or 0.34% to move at 11,393.10. Traders returned to their desks after a three-day holiday weekend.

For comments and feedback: contact editorial@rttnews.com

Posted in Categories: Canada, Releases, Stocks.

If you like this article please...

Subscribe by RSS Subscribe by Email

Email This Post To A Friend

Commodities Will Copper Continue To Shine In ‘09? When Do We Sell Gold? Silver ETFs: More Gains To Come? Oil Seems Like It’s Going Nowhere… But The Story Is Very Different Below The Surface Distorted IEA Oil Reserve Figures Create Biofuel Opportunities In “White Gold” Region Of Central Asia The Simplest Reason Gold Will Soar Physical Gold, Silver And Oil Out-Performing Their Stocks? Silver Hits New Highs At Top Of Uptrend Channel Gold Has Just Barely Entered The Gravity-Free Zone More Than Just Mines: A Look At Other Ways To Profit From Coal, Copper And Ore Read More »	Financials Stock Market News: HP, Analog Devices, Heinz, Medtronic Report Strong Results, Citigroup Selling Diners Club To Bank Of Montreal Stock Market Briefs: Twitter May Consider IPO, Tyson Foods Beats Estimates Don’t Count Out Actively Managed ETFs U.S. Bank Failures Reach 124 Financial ETFs Still Remain Vulnerable Ron Paul Thinks That Fed “Oversight Is Laughable” Buffett Borrows For Rail Acquisition Investment Ideas: Here Are 3 Dirt Cheap Stocks Treasury To Auction TARP Warrants Dear Reader, We Cannot Criticize Goldman Sachs. Instead, We Admire It Read More »	Exchange Traded Funds Why Agriculture ETF Outlook Appears Promising Is Low Interest Creating A Sovereign Debt Bubble? Protect Yourself Against An Imminent Stock Market Correction Japan ETFs: The New War They’re Waging India ETFs: Too Much, Too Soon? ETF Update: Health Stocks And Health Care Legislation Biggest Gainer ETFs For The Week Ended 22 Nov Has Gold Just Broken Out Of Its Trend Channel? What You Should Know About Precious Metals ETFs And Taxes Main Street Vs. Wall Street: Using ETFs To Capitalize Read More »
Stocks Will Emerging-Market Outperformance Last? Stock Market Movers: Dollar Tree, Origin Agritech, US Airways Group How To Value Stocks Using Discounted Cash Flow Stocks To Watch Tuesday: Curis, Cell Therapeutics, Qwest Indian Stock Markets: Sensex Down 49.10 On Tuesday Can The Retail Sector Rouse The Recovery? Stock Charts For Tuesday: S&P 500, Nano, Hertz A Different Look At Recent Breadth Divergences In The NYSE Insider Selling Can Be An Important Tool In Determining Potential Trouble For Both Individual Stocks And The Broader Market Stock Picks For Tuesday: Curis, THQ And DryShips Read More »	Forex Risk Aversion Takes A Back Seat In Forex Markets Australian Dollar: Caution Swiss Franc: The Downside Prevails Canadian Dollar: Caution Japanese Yen: Under Pressure British Pound: The Downside Prevails Euro: Under Pressure Watching EUR/USD At The 1.4945 Level Where 100 & 200 Bar Moving Averages Converge Forex Markets Drift Due To Lack Of Drivers Tuesday’s Forex Outlook Read More »	Economy Consumer Attitudes: The Future Of Saving And Spending Economic Highlights: GDP Up 2.8%, Corporate Profits Increase By $130 Billion With T-Bill Yields At Zero, It’s Time To Beware Of The “Bond Bears” U.S. Economy Will Grow Faster Than Expected, Jobs To Return To Growth Next Year, Economists Say Government Debt - The New Subprime? Heeding The Populist Call Here’s A Sector To Short Cartoon: This Unemployment Line Seems Different 29 Retailers You’ll Have A Harder Time Finding After 2009 Emerging Markets Consider Capital Controls To Combat “Hot Money” Inflows Read More »