Canadian stocks rose for the first time in four days as oil prices advanced with continuing unrest in the Middle East and northern Africa and economic data from Canada and the U.S. showed a strengthening recovery.
The S&P/TSX Composite Index hiked 221.33 points, or 1.6%, at the closing bell to 13,746.15.
The Canadian dollar marched forward 0.51 cents to sit at 101.4 cents U.S.
Suncor advanced 4.5% to $43.96 after being named a "key call" by George Toriola, an analyst at UBS AG. Canadian Natural Resources Ltd., the country’s second-largest energy company by market value, rose 5.1% to $48.30. Petrobank Energy & Resources Ltd. gained 5.1% to $19.98.
Pacific Rubiales Energy Corp. , which produces oil and gas in Colombia, surged 7.5% to $28.02 after releasing details of its contract with Ecopetrol SA to develop the Quifa Block. The shares sank to a six-month low on March 14 on concern the contract may lead to a smaller participation interest in the project for Pacific Rubiales than previously thought.
Teck rose 5.1% to $53.71. First Quantum Minerals Ltd., Canada’s second-largest publicly traded copper producer, gained 5.6% to $121.13. Equinox Minerals Ltd., which mines copper in Africa, increased 4.3% to $5.08.
Minera Andes Inc., which explores for precious and base metals in Argentina, surged 20% to $2.70 after announcing plans to spin off its Los Azules copper project into a new company.
Cameco Corp., the world’s second-largest uranium producer, decreased 5.6% to $27.77. The shares have plunged 23% this week as the Japanese nuclear crisis has jeopardized a renaissance in nuclear power.
Forestry companies rallied as lumber jumped the most allowed in a day on the Chicago Mercantile Exchange.
Sino-Forest advanced 6.9% to $23.16. Canfor Corp., which derived 38% of its revenue from Asia last quarter, soared 7.8% to $14.00. Western Forest Products Inc., which also exports forest products to Asia, surged 24.2% to $1.18, extending its five-day gain to 84%.
On the economic front, Statistics Canada said this morning that wholesale sales rose by 1.5% in January to $46.7 billion, and up 1.6% in volume terms.
ON BAYSTREET
The TSX Venture Exchange prospered 57.98 points to 2,189.36, while the Nasdaq Canada index regained 11.10 points to 762.62
In Toronto, all but two of the 14 subgroups were up on the day. Energy and metals and mining stocks were 3.9% higher each, while global base metals improved 2.9%.
Health-care issues slid 0.4%, and information technology stepped back 0.3%.
ON WALLSTREET
In New York, stocks posted solid gains Thursday, after two days of heavy losses on Wall Street, as investors cheered an upbeat outlook from economic bellwether FedEx.
The Dow Jones industrial average regained 161.29 points, or 1.4%, to 11,774.59
The S & P 500 was up 19.23 points to 1,273.72. The tech-rich Nasdaq Composite Index recovered 16.84 points to 2,636.05.
Despite today's gains, trading has been volatile this week as investors remain jumpy about the nuclear crisis in Japan.
Today's market rally was broad and across multiple sectors, with 25 of the 30 Dow components posting gains. Oil, natural gas and copper were among the sectors with strong advances.
Among the best performers were Federal Express and United Parcel Service. FedEx issued earnings guidance that topped analysts' forecasts and said it still expected moderate economic growth this year.
Investors typically view FedEx and UPS as good indicators about the economy because of their roles in transporting billions of dollars worth of goods every year.
Railroad stocks were also on the rise, with shares of CSX Norfolk Southern and Union Pacific all up 3% or more.
Shares of The New York Times rose as much as 4% Thursday after the company revealed details about its much-anticipated pay wall system. Shares were now up 1%.
On the economic ledger, the U.S. consumer price index is up 2.1% in the past year, according to the Commerce Department. That marked the fastest rate since April 2010. Underlying inflation remained low.
In other reports, the number of first-time claims for unemployment benefits fell to 385,000 last week. Continuing claims hit their lowest level since September 2008.
The price on the benchmark 10-year U.S. Treasury sagged a mite, boosting yields to 3.25% from Wednesday’s 3.21%. Treasury prices and yields move in opposite directions.
Oil for February delivery gained $3.40 to $101.38 U.S. a barrel.
Gold futures for April delivery rose $8.90 to $1,405.00 U.S. an ounce.
