Bay Street Stocks Look To Extend Rally As Gold Charges Toward $1,100 - Canadian Commentary

(RTTNews) - Canadian stocks will look to extend yesterday’s rally Wednesday morning as investors sort through a barrage of earnings reports. Gold continued to charge toward $1,100, which could push the related sectors higher again.

Gold prices rose another $4.60 to $1,089 per ounce, a record high before factoring inflation. The metal earlier hit as high as $1,096.20.

Crude oil has gained 84 cents to move to $80,44 per barrel. The Energy Information Administration’s inventory report is due at 10:30 a.m. ET.

In corporate news, Agrium (AGU.TO) 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.

Yamana Gold (YRI.TO) announced that its third-quarter net earnings were US$60.82 million or US$0.08 per share, compared to US$150.20 million or US$0.21 per share in the year ago quarter.

Iamgold Corp. (IMG.TO) 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.

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.

Enbridge (ENB.TO) reported third quarter net earnings applicable to common shareholders 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.

The U.S. Federal Open Market Committee’s two-day policy concludes today with a rate decision at 2:15 p.m. ET. Rates are expected to be left uchanged near zero for the foreseeable future, but traders will watch accompanying comments for clues on future moves.

On Tuesday, the S&P/TSX Composite Index jumped 147.55 points or 1.35% to settle at 11,025.90. The market had dropped in six of seven sessions.

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