(RTTNews) - Toronto stocks finished higher for a third straight session on Thursday and finished at a 10-day high. Telecom and mining stocks led the rally, which followed the lead of U.S. and European stocks.

The S&P/TSX Composite Index rose 109.5 points or 0.98% to settle at 11,180.70. The market gained for a third straight session to move off of a two-month low.

Telecom stocks gained 1.6% to lead the way. Telus (T.TO) added 2.9% and BCE (BCE.TO) rose 2.75%.

Mining stocks added 1.3%. Teck Resources (TCK.B.TO) rallied 4.8% and HudBay (IBM.TO) and Inmet (IMN.TO) each rose 1.1%.

In corporate news, Dorel Industries (DII.B.TO) soared 10.4% after the company reported third quarter net income of US$30.2 million or US$0.91 per share compared to US$27.2 million or US$0.82 per share in the year-ago quarter.

Fortis (FTS.TO) gained 1.6% after the company posted third quarter net earnings of C$36 million or C$0.21 per share, compared to C$49 million or C$0.31 per share in the same quarter last year.

Sun Life Financial (SLF.TO) fell 6.5% after the company reported a third-quarter net loss of C$140 million, compared to a net loss of C$396 million in the third quarter of 2008.

Manulife Financial (MFC.TO) lost 3.5% after the company reported third quarter net loss of C$172 million, compared to net income of C$510 million last year.

Aurizon Mines Ltd. (ARZ.TO) gained 1.4% after the company said its third-quarter net income rose to C$8.2 million from C$7.1 million in the prior year period.

Canadian Natural Resources (CNQ.TO) fell 1.3% after the company reported third-quarter net earnings were C$658 million or C$1.21 per share, much lower than prior year’s C$2.84 billion or C$5.25 per share.

Agrium (AGU.TO) rose 4% after the company announced that it is increasing its exchange offer to acquire CF Industries Holdings (CF) to $92.99 per CF share.

Roctest Ltd (RTT.TO) saored 25.2% after the company posted third quarter net earnings of C$0.40 million or C$0.07 per share, compared to C$0.15 million or C$0.03 per share in the last year quarter.

In economic news, Statistics Canada reported building permits increased 1.6% to $5.1 billion in September, beating expectations for an 1.3% rise but slower than the 7.38% jump seen in August.

On Friday, Canadian employment data is due at 7 a.m. ET. An increase of 10,000 jobs is expected, compared to an increase of 30,600 a month earlier. The unemployment rate is expected to remain at 8.4%.

Across the border, the Labor Department is expected to report a decline in non-farm payrolls of 175,000 is expected, compared to a drop of 263,000 a month earlier. The unemployment rate is expected to edge up to 9.9%, compared to 9.8% a month earlier.

Ainsworth Lumber Company (ANS.TO), Ember Resources (EBR.TO), Labopharm (DDS.TO), SNC-Lavalin Group (SNC.TO) and Suncor Energy (SUN.TO) are expected to report quarterly earnings tomorrow.

For comments and feedback: contact editorial@rttnews.com

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

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

Subscribe by RSS Subscribe by Email