TSX recovers

Nov. 11, 2009 (Baystreet.ca) --

Canadian stocks looked to bounce back from yesterday's modest slide on Wednesday as commodity prices are moving higher again. Strong retail sales data from China has provided a boost to global equities. Within minutes of the opening bell, the S&P/TSX composite index had gained 82.79 points to 11.509.53. First Quantum Minerals posted third quarter net income of $123.8 million U.S. or $1.50 U.S. per share versus $147.5 million U.S. or $2.13 U.S. per share reported in the prior-year period. Pan American Silver reported net income for the third quarter of $17.38 million U.S. or $0.20 U.S. per basic share, compared to $6.40 million U.S. or $0.08 U.S. per share in the year-ago quarter. Grey Horse said its third-quarter net income and comprehensive income rose to $1.63 million from $1.28 million in the period year period. Paladin Labs says its third-quarter net income declined to $2.56 million or $0.13 per share from $3.62 million or $0.24 per share in the previous year. HSBC Bank Canada said its third-quarter income declined to $101 million or $0.20 basic earnings per share from $120 million or $0.23 basic earnings per share in the previous year. TSO3 reported third-quarter net loss and comprehensive loss widened to $2.29 million from $1.85 million in the year-ago quarter. The Canadian dollar spiked 0.37 cents to 95.63 cents U.S. ON BAYSTREET All but one of the 14 TSX subgroups gained ground early in the session, led by metals and mining stocks, up 1.9%, materials, ahead 1.8% and gold, surging 1.6%. The only loser proved to be health-care stocks, and off only 0.1% at that. The TSX Venture Exchange gained back 6.67 points to 1,351.80, while the Nasdaq Canada index was 10.34 points in the black to 692.69. ON WALLSTREET In New York, stocks opened higher Wednesday as investor optimism rose on the expectation that interest rates would remain low for some time. The Dow Jones Industrials gained 42.55 points to 10,289.52. The S&P 500 index regained 6.05 points to 1,099.06, while the Nasdaq composite index tacked on 14.16 points to 2,165.24. Wall Street finished Tuesday's session mixed as investors expressed caution following Monday's huge stock rally. With its 20-point gain, the Dow hit a new 13-month high. Federal Reserve officials speaking Tuesday said the economic recovery was likely to be weak, and they also reinforced the view the central bank would keep rates low for the foreseeable future. AIG's Robert Benmosche threatened to step down as CEO of the bailed-out insurer, telling the company board that he's "done" because of government restraints, according to the Wall Street Journal, which cited unidentified people familiar with the matter. Treasurys were not trading today, on both sides of the border, for the Veterans Day/Remembrance Day holiday The price of a barrel of oil gained 54 cents to $79.59 U.S. Gold prices hurtled ahead yet again, by $13 to $1,115 U.S. an ounce.