(RTTNews) - Bay Street stocks continue to move notably higher on Wednesday after the U.S. Federal Reserve said it expects to leave rates near zero for a while.

The S&P/TSX Composite Index has added 102.79 points or 0.93% to move at 11,128.69. Strength in the mining and consumer discretionary sectors led the way.

The Federal Open Market Committee said it was leaving its target for the federal funds rate at a range from zero and a quarter percent. The central bank also repeated its assessment that “exceptionally” low rates will continue for an “extended period.” The vote for the rate decision was unanimous.

Mining stocks are leading the gainers with a 3.75% jump. 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.

The Consumer Discretionary Index has added 2.1%. Corus Entertainment Group (CJR.B.TO) has rallied 6.1%, Cogeco Cable (CCA.TO) is up 3.5% and Canadian Tire (CTC.TO) is up 3.1%.

Yellow Pages Income Fund (YLO.UN.TO) has lost 1.9% after the company reported a loss of C$0.33, compared to earnings of $0.28 per share a year ago.

Materials stocks are up 2%. Agrium (AGU.TO) has added 1% 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 1.2%.

Gold stocks are up 1.5% after the precious metal challenged $1,100 per ounce. Iamgold Corp. (IMG.TO) has climbed 3.8% 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.

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. However, the stocks has turned higher by 1.3%.

In other corporate news, 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.

Total Energy Services (TOT.TO) has lost 1.9% 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 is up 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 has lost 2%.

Logistec Corporation (LGT-B.TO) is up 1% after the company reported third quarter net income of C$4.1 million or C$0.62 per share, compared to C$5.4 million or C$0.81 per share in the last year quarter.

Galaxy Income Fund (CGX_U.TO) has added 1.3% after the stock was initiated with a Neutral rating and a price target of C$19 at Credit Suisse.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved

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

Subscribe by RSS Subscribe by Email