(RTTNews) - Bay Street stocks backed off the highs of the day Wednesday, but finished in the green for a second straight session after a recent slump.

The S&P/TSX Composite Index rose 45.3 points or 0.41% to settle at 11,071.20. The market moved further off a two-month low with the gain.

The market lost steam after the U.S. Federal Open Market Committee kept its target for the federal funds rate at a range from zero and 0.25%. The central bank also repeated its assessment that “exceptionally” low rates will continue for an “extended period.”

Mining stocks rose 2.75% as copper rose toward $3 on the COmex. HudBay (HBM.TO) surged 9.9% after the company reported third quarter earnings of C$0.13 per share, compared to earnings of C$0.02 a year ago.

Materials stocks rose 1.2%. Agrium (AGU.TO) gave back early gains and finished 0.l2%. Earlier, the fertilizer maker announced adjusted third-quarter net earnings of US$46million or US$0.29 earnings per share, compared to US$0.16 per share forecast by analysts.

Iamgold Corp. (IMG.TO) climbed 3.2% after it reported that its third-quarter net earnings were US$64.9 million or US$0.18 per share, compared to US$18.8 million or US$0.06 per share in the same quarter last year.

In other corporate news, Enbridge (ENB.TO) added 1.5% after reporting third quarter net earnings of C$303.8 million or C$0.83 per share, compared to C$148.4 million or C$0.41 per share last year.

Total Energy Services (TOT.TO) lost 1.5% after the company posted third quarter net earnings of C$2.2 million or C$0.08 per share, compared to C$6.1 million or C$0.21 per share in the previous year quarter.

WestJet (WJA.TO) reported third-quarter net earnings of C$31.4 million or C$0.24 per share, compared to net earnings of C$57.9 million or C$0.45 per share in the year ago quarter. The stock added 0.9%.

Torstar Corp (TS-B.TO) reported third quarter net income of C$4.04 million or C$0.05 per share, compared to net loss of C$748,000 or C$0.01 per share last year. However, the stock lost 2.8%.

Canadian Natural Resources (CNQ.TO), Dundee Precious Metals (DPM.TO), Fortis Inc. (FTS.TO), Magna International (MG.A.TO), Manulife Financial (MFC.TO), Newalta (NAL.TO), Quebecor (QBR.A.TO), Sun Life Financial (SLF.TO), Thompson Creek Metals (TCM.TO) and Thomson Reuters (TRI.TO) are on the earlings docket tomorrow.

On the corporate front, Canadian building permits data for September is due at 8:30 a.m. ET. Canadian PMI data is coming at 10 a.m. ET.

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Posted in Categories: Releases, Stocks.

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