Business
TSX stages rally
TSX stages rally
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nTSX stages rally\n\nResource stocks lead T.O. recovery\n Oct. 29, 2009 (Baystreet.ca) -- Toronto stocks rallied on Thursday morning, recovering some of the sharp losses seen in yesterday's trading. Resource stocks led the recovery as commodities bounced back.\n\nAt the noon break, the S&P/TSX composite index had leaped 185.95 points, or 1.7%, to 10,991.28.\nMining stocks are up as the price of copper jumped 7.8 cents on the Comex. HudBay has led the rally with an 11% surge, while First Quantum has gained 6.2%. \n\nTeck Resources has added 5.3% after the company's net earnings for the third quarter increased to $609 million, or $1.06 per share, from $424 million, or $0.95 per share, in the same period last year. \n\nLundin Mining Corp. has dropped 0.5% after the company said its third-quarter net income was $3.7 million U.S. or $0.01 U.S. per share compared with a loss of $199.0 million U.S. or $0.51 U.S. per share in the prior year period. \n\nRichmont Mines is down 0.7% after the company reported third-quarter net earnings were $183,000 or $0.01 per share versus a loss of $894,000 or $0.04 per share in the last year.\n\nMaterials and gold stocks have added strength, as Iamgold has rallied 7.2% and Eldorado has gained 4.5%.\n\nBarrick Gold has gained 5.4% after the company reported its adjusted third quarter net income was $473 million U.S. or $0.54 U.S. per share, compared to $404 million U.S. or $0.46 U.S. per share in the year-ago quarter.\n\nThe Energy Index has climbed, as Suncor is up 3%, Canadian Natural Resources has gained 2.6% and Encana is up 2.1%. \n\nIn other corporate news, MacDonald, Dettwiler and Associates is up 1.25% after the company reported third-quarter net earnings of $29 million or $0.70 per share compared with $242,000 or $0.01 per share in the year-ago period.\n\nTransAlta Corp. has dropped 2.1% after the company announced it reached a deal to sell 18.65 million common shares. The purchase price of $20.10 per common share would result in gross proceeds of approximately $375 million.\n\nOn the economic front, the Industrial Product Price Index fell 0.5% and the Raw Materials Price Index dropped 1.1% in September compared to August, according to Statistics Canada.\n\nThe Canadian dollar regained 1.01 cents to 93.51 cents U.S. \n\nON BAYSTREET \n\nAll but one of the 14 TSX subgroups were in the green by ...