(RTTNews) - (Correction: Original article incorrectly said Imax (IMX.TO) was upgraded by BMO Capital Markets. A corrected version follows.)

Toronto stocks remain notably higher on Thursday afternoon and have erased losses from the previous session. Commodities have led a rally for resource stocks.

The S&P/TSX Composite Index has surged 234.20 points or 2.16% to move at 11,039.11.

Mining stocks have rallied 6.9%. HudBay (HBM.TO) has rallied more than 13%, while First Quantum (FM.TO) has jumped 7.3% and Inmet (IMN.TO) added 7.2%.

Teck Resources (TCK.B.TO) has risen 5.9% 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 added 1.9%, despite announcing 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 off 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 4.5% and gold stocks have added 3.6% as the precious metal turned higher on the Comex. Iamgold (IMG.TO) has climbed nearly 9% and New Gold(NGD.TO) has gained 6.9%.

Barrick Gold (ABX.TO) has added 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.

Agnico-Eagle Mines Ltd. (AEM.TO) was downgraded to Neutral from Outperform at Credit Suisse, which lowered AEM’s price target to $68 from $80.

Among other stocks moving on analyst ratings, Sierra Wireless (SW.TO) has added 3.9% after the stock was upgraded to Hold from Sell at Morgan Joseph.

Sun Life Financial (SLF.TO) has gained 3.5% after the stock was upgraded to Market Perform from Underperform at BMO Capital Markets.

Imax (IMX.TO) has surged 7.7% after Piper Jaffray initiated coverage of the stock with an Overweight rating.

Royal Bank of Canada (RY.TO) announced that the Toronto Stock Exchange has approved its normal course issuer bid to purchase, for cancellation, up to 20 million of its common shares.

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 teh decline as the US dollar continued to rebound versus the euro.

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Posted in Categories: Canada, Eurozone, Releases, Stocks, USA.

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