Bay Street Rallies

Roger Biduk writes:

North American stock markets surged ahead on Tuesday and closed near their highs of the day as stronger commodities prices and the U.S. election offered up plenty of motivation for investors.

Toronto's S&P/TSX composite index moved ahead four per cent, or 395.32 points, to close at 10,116.58.
The TSX Venture Exchange moved up 39.68 points to 975.27.

Gold stocks led the climb, rising 11.5 per cent, as the December bullion contract gained $30.50 to US$757.30 an ounce on the New York Mercantile Exchange.

The TSX energy sector jumped 5.9 per cent. The light sweet crude contract for December ended the day ahead 10.4 per cent to close at its highest level in two weeks, up $6.62 at $70.53.

The CDN$ continued its revival, gaining 2.19 cents Tuesday. It closed at 86.87 cents US, as the greenback fell against most other major currencies. The loonie had dived to barely 77 cents a week ago but has recovered much of the ground it lost in October.

There was more bad news in the auto sector Tuesday, with Canadian-based global parts maker Magna International Inc. (TSX:MG.A) reporting a third-quarter net loss of US$215 million as sales fell nine per cent from a year earlier. Magna halved its dividend and cut its full-year sales outlook. Its stock lost $1.48 to $39.52.
And German luxury carmaker BMW said its third-quarter earnings dropped 63 per cent to 298 million euros (US$375.5 million) amid "ongoing consumer reticence."
TMX Group Inc. (TSX:X) is cutting 10 per cent of its workforce - 85 people - as the stock exchange operator's integration of the Montreal derivatives market continues. TMX shares gained 80 cents to $29.30.
Enbridge Income Fund (TSX:ENF.UN) said its profit jumped 29 per cent in the third quarter and the company hiked its dividend, which helped send its units up 45 cents to $9.95.
Boralex Power Income Fund (TSX:BPT.UN) says its profit nearly doubled in the third quarter as revenue rose nearly 19 per cent. Units in the Montreal-based electricity producer moved down two cents to $3.66.

Roger Biduk writes:
Talisman Energy Inc. (TSX:TLM) said its third-quarter earnings set a company record, soaring 305 per cent to $1.4 billion. Its shares were up 98 cents to $12.64.
Saputo Inc. (TSX:SAP) has reported summer-quarter earnings of $69 million, up 10 per cent from $62.5 million in the year-ago period, as revenue grew 13 per cent to $1.45 billion largely because of a U.S. acquisition. Shares slid $1 to $24.
Open Text Corp. (TSX:OTC) gained $2.04 to $34.04 after saying it will cut its global workforce by 10 per cent - about 360 jobs - despite nearly doubling its profit in the latest quarter on higher sales.
Catalyst Paper (TSX:CTL) shares rose nearly 23 per cent after the company said cost saving measures helped it trim losses in the third quarter to $10.9 million from $18.6 million a year earlier. Shares were up 8.5 cents to 46 cents.
Magna Entertainment Corp.(TSX: MEC.A) shares jumped more than 10 per cent, up 46 cents to $4.86, causing North America's largest owner and operator of horse racetracks to issue a release saying it isn't aware of any development that would cause the stock's rise.

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