Roger Biduk writes:
Toronto's main stock index shot higher on Wednesday morning on higher oil and metals prices and as optimism over global stimulus measures, including a possible bailout of the U.S. auto industry, lifted market sentiment.
The resource-laden materials sector led the way up, climbing 8.1 percent, with Barrick Gold up 7.6 percent at C$37.75, and Goldcorp up 9.7 percent at C$33.94.
Mining stocks rose as global miner Rio Tinto said it would cut 14,000 jobs, slash capital spending by more than half and sell more assets as it battles a collapse in commodity prices.
The beaten-down resource stocks were higher, in part, in response to the news, analysts say.
The TSX's two big fertilizer companies were stronger. Agrium Inc rose 6.2 percent to C$37.05, and Potash Corp of Saskatchewan was up 8 percent at C$84.41.
Financials were down 0.7 percent with Great-West Lifeco Inc sinking 7.6 percent to C$20.60 after it said on Tuesday it plans to issue a total of C$1 billion in common shares to the public and to its controlling shareholder, Power Financial Corp .
Shares of George Weston Ltd rose 2.3 percent to C$62.30 after Mexico's Bimbo said on Wednesday it had reached an agreement to buy Weston's U.S. breadmaking unit for $2.38 billion.
Nortel Networks Corp sank 21.9 percent to 50 Canadian cents after the Wall Street Journal reported the telecoms equipment maker has sought legal advice on a bankruptcy protection scenario in the event that its restructuring plan fails.
Nortel spokesman told Reuters "no bankruptcy filing is imminent, but added the company has engaged advisers to help it plot its future.
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