(RTTNews) - Bay Street stocks rose on Monday, led by commodity-backed sectors. The rise followed the lead of markets in the U.S. and Europe.

The S&P/TSX Composite Index has rallied 128.94 points or 1.1% to move at 11,707.57. The index had declined in the last two sessions.

Gold stocks rallied 2% and materials stocks have added 1.8% as gold extended its record high again. Iamgold (IMG.TO) has gained 4%, Agnico-Eagle Mines (AEM.TO) has added 3.7% and Eldorado (ELD.TO) is up 2.3%.

Silver Wheaton (SLW.TO) has rallied 3.6% after the stock was upgraded to Outperform from Sector perform.

Mining stocks are also up 1.8%. First Quantum Minerals (FM.TO) has added 4.2% after the company reached a deal to acquire Kiwara in a cash and stock deal with GBP 43.68.

Energy stocks have gained 1.4%. Canadian Natural Resources (CNQ.TO) has added 2.4%, Suncor (SU.TO) is up 2.2% and Canadian Oil Sands (COS.UN.TO) has gained 2.1%.

Husky Energy (HSE.TO) has added 0.8% after the company announced the discovery of additional oil resources in the White Rose area.

On the economic front, Canadian retail sales rose 1.0% in September to $34.9 billion, the seventh increase in nine months. Economists predicted sales to rise 0.4% after a revised 0.65% gain in August.

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

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