(RTTNews) - Bay Street stocks have remained in the green in Wednesday afternoon trading, led by strength in the resource sectors. Some encouraging U.S. economic news provided a spark.

The S&P/TSX Composite Index has climbed 98.46 points or 0.85% to move at 11,637.33. The rally erased losses seen yesterday.

Mining stocks have gained 2.8%. First Quantum (FM.TO) rose 5.3%, HudBay (HBM.TO) added 4.2% and Teck Resources (TCK.B.TO) increased 3.1%.

Materials stocks are up 1.8% and gold stocks have added 1.6%. Seagold (SEA.TO) is up 3.8%, Iamgold (IMG.TO) has added 3% and Agnico-Eagle Mines (AEM.TO) is up 1.6%.

Labopharm (DDS.TO) has jumped 9.1% after the company said it has entered into a standby equity distribution agreement or SEDA with YA Global Master.

Stantec (STN.TO) has gained 1.2% after the company said that it has received a major contract from the U.S. General Services Administration to provide 3D laser scanning and surveying services for federal building projects across the country. The contract is worth US$30 million over the next five years.

GLG Life Tech Corp. (GLG.TO) announced the completion of its equity offering. The company issued and sold 3.625 million common shares at US$7.60 per share for aggregate gross proceeds of approximately US$27.5 million and net proceeds to the company of approximately US$25.8 million. The stock has dropped 2%.

Bank of Montreal (BMO.TO) has added 1% after the stock had its target price raised to $63 from $62 at RBC Capital Markets, which left BMO’s rating at Outperform.

Yamana Gold (YMI.TO) had its target price raised to $15 from $14 at RBC Capital Markets. Its rating remained at Outperform.

Thomson Reuters (TRI.TO) has climbed 1.1% after the stock was initiated Equal Weight by Barclays Capital with a target price of $36.50.

LM Ericsson Telephone (ERIC) said it will buy certain assets of GSM/GSM-R business of Canadian network solutions company Nortel Networks for a purchase price of US$70 million.

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

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