Mining, Energy Sectors Drive TSX Higher - Canadian Commentary

(RTTNews) - Canadian stocks continued to rebound away from a two-month low on Wednesday, boosted by strength in the mining and energy sectors. Traders sifted through an assortment of earnings news and looked ahead to the U.S. interest rate decision.

The S&P/TSX Composite Index has added 99.25 points or 0.9% to move at 11,125.15.

Mining stocks have rallied 3.3%. HudBay (HBM.TO) has soared 8.6% after the company reported third quarter earnings of C$0.13 per share, compared to earnings of C$0.02 a year ago.

Energy stocks are up 1.7% as crude oil rose above $80 on the NYMEX. Canadian Natural Resources (CNQ.TO) has gained 2.3%, Canadian Oil Sands (COS.UN.TO) is up 2.1% and Suncor (SU.TO) has gained 1.7%.

Enbridge (ENB.TO) has rallied 2.1% 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.

In other corporate news, Agrium (AGU.TO) is up 0.75% after 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. Rival Potash (POT.TO) has gained 1.4%.

Yamana Gold (YRI.TO) has slipped 0.5% after the company 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) is up 1% 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.

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 is down 0.2%.

TransCanada (TRP.TO) is up 0.5% after the company reported third-quarter net income of C$345 million or C$0.50 per common share, compared to C$390 million or C$0.67 per common share for third quarter 2008.

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 fell 5.5%.

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.

For comments and feedback: contact editorial@rttnews.com

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