Bay Street Stocks Back Off Highs, Remain In The Green

(RTTNews) - Canadian stocks have moved notably higher on Monday but have backed off the highs of the day. The market is following the lead of U.S. stocks.

The S&P/TSX Composite Index has added 54.31 points or 0.47% to move at 11,436.50. Earlier, the index reached above 11,525.

Technology stocks have gained 1.7%. Sector heavyweight Research in Motion (RIM.TO) has gained 1.8% to lead the gainers.

Rogers Communications (RCI.B.TO) has made an investment to become a shareholder in web video studio Vuguru. Shares are up 0.3%.

Mining stocks are up 1.1%. First Quantum (FM.TO) has gained 1.9% and Teck Resouces (TCK.B.TO) is up 1.4%.

Iamgold Corp. (IMG.TO) has gained 1.8% after the company announced it now projects 2009 production of about 940,000 - 950,000 ounces of gold, an increase of 30,000 ounces over its prior guidance issued in June 2009.

Coretec (CYY.TO) has rallied 39% after receiving an buyout offer from DDi Corp. for C$0.20 per share, or approximately C$3.6 million.

Canfor Pulp Income Fund (CFX_U.TO) has added 1.8% after the company reported its third quarter net income of C$18.3 million or C$0.26 per share, compared to C$11.1 million or C$0.15 per share in the same period last year.

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