Bay Street Stocks Bounce Back As Commodities Rise - Canadian Commentary

(RTTNews) - Toronto stocks have rallied on Thursday morning, recovering some of the sharp losses seen in yesterday’s trading. Resource stocks led the recovery as commodities bounced back.

The S&P/TSX Composite Index has rallied 187.89 points or 1.73% to move at 10,996.01. The market fell 2% on Wednesday.

Mining stocks are up 5.4% as the price of copper jumped 7.8 cents on the Comex. HudBay (HBM.TO) has led the rally with an 11% surge, while First Quantum (FM.TO) has gained 6.2%.

Teck Resources (TCK.B.TO) has added 5.3% after the company’s net earnings for the third quarter increased to C$609 million, or C$1.06 per share, from C$424 million, or C$0.95 per share, in the same period last year.

Lundin Mining Corp. (LUN.TO) has dropped 0.5% after the company said its third-quarter net income was US$3.7 million or US$0.01 per share compared with a loss of US$199.0 million or US$0.51 per share in the prior year period.

Richmont Mines (RIC.TO) is down 0.7% after the company reported third-quarter net earnings were C$183,000 or C$0.01 per share versus a loss of C$894,000 or C$0.04 per share in the last year.

Materials stocks are up 3.6% and gold stocks have added 3.2%. Iamgold (IMG.TO) has rallied 7.2% and Eldorado (ELD.TO) has gained 4.5%.

Barrick Gold (ABX.TO) has gained 5.4% after the company reported its adjusted third quarter net income was US$473 million or US$0.54 per share, compared to US$404 million or US$0.46 per share in the year ago quarter.

The Energy Index has climbed 2.3%. Suncor (SU.TO) is up 3%, Canadian Natural Resources (CNQ.TO) has gained 2.6% and Encana (ECA.TO) is up 2.1%.

In other corporate news, MacDonald, Dettwiler and Associates (MDA.TO) is up 1.25% after the company reported third-quarter net earnings of C$29 million or C$0.70 per share compared with C$242,000 or C$0.01 per share in the year-ago period.

TransAlta Corp. (TA.TO)has dropped 2.1% after the company announced it reached a deal to sell 18.65 million common shares. The purchase price of C$20.10 per common share would result in gross proceeds of approximately C$375 million.

On the economic front, the Industrial Product Price Index fell 0.5% and the Raw Materials Price Index dropped 1.1% in September compared to August, according to Statistics Canada.

On Wednesday, the S&P/TSX Composite Index dropped 224 points, or 2 percent, to 10,829.20. Energy and ming stocks led the decline as the US dollar continued to rebound versus the euro.

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