Bay Street Stocks Rally Nearly 2% As Commodities Rise - Canadian Commentary

(RTTNews) - Toronto stocks remain sharply higher on Monday morning, led by strength in the resource sectors. The gains follow the direction seen by markets in the U.S. and Europe.

The S&P/TSX Composite Index has surged 214.62 points or 1.9% to move at 11,468.16. The market gained more than 300 points last week.

Gold stocks have added 3.5% and materials are up 3% as the precious metal extended a record above $1,100 an ounce. Eldorado (ELD.TO) has gained 6.8%, Goldcorp (G.TO) is up 4.7% and New Gold (NGD.TO) has rallied 3.4%.

Mining stocks are up 3.2%. Inmet (IMN.TO) has gained 5.6%, HudBay (HBM.TO) is up 4.1% and First Quantum (FM.TO) has gained 3.9%.

Quadra Mining (QUA.TO) is up 0.7% after the company reported third quarter earnings of US$14.7 million or US$0.15 per share, compared to US$20.77 million or US$0.31 per share last year.

Energy stocks are up 2.6% as crude oil rose back toward $80 per barrel. Suncor (SU.TO) has rallied 4.2%, Canadian Natural Resources (CNQ.TO) is up 3% and Encana (ECA.TO) has gained 2.8%.

Ensign (ESI.TO) has gained 3.25% after the company reported its third-quarter net income plummeted to C$16.90 million or C$0.11 per share from C$72.07 million or C$0.47 per share in the previous year. In the second quarter, the company’s net income was C$13.21 million or C$0.09 per share.

In other corporate news, Cardiome Pharma (COM.TO) is up 0.5% after the company said its third-quarter net loss narrowed to C$0.4 million or C$0.01 per share from C$11.8 million or C$0.18 per share in the prior year period.

Angiotech Pharmaceuticals (ANP.TO) has dropped 2.7% after the company reported third quarter net loss of US$7.8 million or US$0.09 per share, compared to net loss of US$622.38 million or US$7.31 per share last year.

CGI Group (GIB.A.TO) has slipped 1.1% after the company reported that its fourth-quarter net earnings from continuing operations were C$82.55 million or C$0.27 per share, compared to C$75.26 million or C$0.24 per share in the same quarter last year.

AutoCanada Income Fund (ACQ_U.TO) has surged 14.4% after the company reported its third quarter net earnings of C$5.10 million or C$0.256 per share, compared to restated net loss of C$38.32 million or C$1.892 per share in the same period last year.

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