Toronto Stocks Follow Foreign Markets Higher - Canadian Commentary

(RTTNews) - Canadian stocks remain in the green in afternoon deals on Thursday, following strength seen in the U.S. and Europe. Traders mulled over an assortment of earnings news, as well as better-than-expected economic data from the U.S.

The S&P/TSX Composite Index has added 49.24 points or 0.44% to move at 11,122.09. The market is looking for a third straight gain coming off a two-month low.

Telecom stocks have gained 1.25%. Telus (T.TO) has added 1.9% and BCE (BCE.TO) is up 1.8% to lead the sector higher.

In corporate news, Dorel Industries (DII.B.TO) has surged 7% 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) has gained 1.3% 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) has dropped 6.7% 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) has lost 4.8% after the company reported third quarter net loss of C$172 million, compared to net income of C$510 million last year.

Goldcorp (G.TO) reported third quarter net income for the third quarter was US$114.2 million or US$0.16 per share, down from US$297.2 million or US$0.42 per share for the year-ago quarter. The stocks is up 0.7%.

Aurizon Mines Ltd. (ARZ.TO) has added 1% 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) has lost 1.7% 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) has gained 4.4% after the company announced that it is increasing its exchange offer to acquire CF Industries Holdings (CF) to $92.99 per CF share.

Industrial-Alliance Insurance (IAG.TO) has dropped 0.7% after after the shares were downgraded to Neutral from Outperform at Credit Suisse.

Roctest Ltd (RTT.TO) has saored more than 25% 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.

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