MW: Canadian stocks rise, boosted by Bombardier news
Stocks in Toronto rose on Wednesday, pushing the benchmark index above 8,000 points, as shares of Bombardier Inc. rallied on news of a big aircraft order from Deutsche Lufthansa AG.
The S&P/TSX Composite Index rose 149 points, or 1.9%, to 8,030. On Tuesday, the index rallied 4.1%.
Advancing stocks outpaced decliners by a margin of 639 to 295.
Shares of Bombardier Inc. (CA:BBD.B: news , chart , profile ) rallied 12% after it said that it signed a purchase agreement for 30 short-haul planes with Deutsche Lufthansa AG (DE:LHA: news , chart , profile ) , Europe's second-largest transatlantic airline.
The contract value for the 30 aircraft is approximately $1.53 billion. The agreement also includes options on an additional 30 aircraft, Bombardier said.
Mining shares rose, tracking gains in gold futures. Gold for April delivery gained $5.10 to $901 an ounce on the New York Mercantile Exchange. See Metals Stocks.
Barrick Gold Corporation rose 3%, Yamana Gold Inc. (CA:YRI: news , chart , profile ) gained 4% and Teck Cominco Limited (CA:TCK.B: news , chart , profile ) rallied 10%.
Energy shares were mixed, as oil futures fell sharply after data showed a rise in U.S. crude inventories. See Futures Movers.
Suncor Energy Inc. (CA:SU: news , chart , profile ) edged up 0.8%, while Iteration Energy Ltd. (CA:ITX: news , chart , profile ) fell 4%. Talisman Energy Inc. (CA:TLM: news , chart , profile ) edged up 0.4%.
In the financial sector, Manulife Financial Corporation (CA:MFC: news , chart , profile ) rose 6.5% and Royal Bank of Canada (CA:RY: news , chart , profile ) gained 2.5%.
In economic news, Canadian new-home prices fell 0.6% in January after a 0.1% decline in the previous month, Statistics Canada reported Wednesday.
On Wall Street, U.S. stocks rose for a second session, with the Dow Jones Industrial Average gaining 30 points, or 0.4%, to 6,957.