Roger Biduk; Bay Street Rises on Commodities for Eighth Session

Roger Biduk;



The Toronto stock market's March rally continued for an eighth session Thursday as commodity stocks took off following the latest moves by the U.S. Federal Reserve to break a logjam in lending and reduce borrowing rates.

Toronto's S&P/TSX composite index rose 61.39 points to 8,690.49, adding up to a surge of more than 1,100 points or 15 per cent since the rally was sparked last week by positive earnings news from the U.S. financial sector.
The TSX Venture Exchange was up 37.86 points to 903.57.
The Canadian dollar was well off early highs but still closed up 0.56 cent to 80.8 cents US on top of Wednesday's advance of almost one and a half cents US because of weakness in the American currency. The greenback fell after the Fed announced its plan, which includes buying up to US$300 billion in long-term government bonds during the next six months.

The S&P/TSX Consumer Discretionary Index was .68% lower and the S&P/TSX Consumer Staples Index lost 2.48%.
S&P/TSX Capped Diversified Metals & Mining Index soared 8.24% as aluminum jumped 5.56, copper rose 5.30% and silver was 13.28% higher to $13.52.
Forsys Metals Corp. (FSY) +23.62% to $4.03. First Uranium Corporation (FIU) +20.88% to $5.50.Teck Cominco Limited (TCK.B) +18.40% to $5.92. Quadra Mining Ltd. (QUA) +14.04% to $5.36. First Majestic Silver Corp. (FR) +12.78% to $2.03
Timminco Limited (TIM) -7.52% to $2.09. Consolidated Thompson Iron Min (CLM)
-5.35% to $2.30.

Roger Biduk;

Statistics Canada says Canada's annual inflation rate rose to 1.4 per cent in February from 1.1 per cent the previous month. This was the first increase in the cost of living in five months.

The S&P/TSX Capped Information Technology Index gained .05% and the S&P/TSX Capped Telecom Services Index lost 1.04%.
Bridgewater Systems Corporatio (BWC) -10.26% to $3.50. Gennum Corporation (GND) -6.63% to $3.52. Celestica Inc. (CLS) -5.11% to $3.53.

As the rally in Toronto continued, leadership switched from the financial sector, which surged 28% over seven sessions, to commodity stocks.

The S&P/TSX Capped Health Care Index was higher by .98%.

In the service sector:
Westshore Terminals Income Fund (WTE.UN) +9.30% to $9.40. Transat A.T. Inc (TRZ.B) +5.07% to $7.04.

Roger Biduk;

Hopes the Fed action will also blunt the effects of a global recession sent oil prices higher.
The April crude contract on the New York Mercantile Exchange soared 7.21% to $51.61 and natural gas jumped 12.82% to $4.24 as the S&P/TSX Energy Index gained 4.28%.
Trinidad Drilling Ltd. (TDG) +15.16% to $2.81. Cathedral Energy Services Inco (CET.UN) +14.18% to $3.22. Crew Energy Inc. (CR) +14.02% to $4.23. Trican Well Service Ltd. (TCW) +10.58% to $6.90. Vero Energy Inc. (VRO) +9.68% to $3.40.

The dramatic move by the U.S. central bank stoked worries about higher inflation and that helped send gold higher.
The S&P/TSX Global Gold Index rose 3.59% as the April bullion contract in New York soared $69.70 to US$958.80 an ounce.
US Gold Corporation (UXG) +18.62% to $2.93. Detour Gold Corporation (DGC) +17.23% to $10.82. Banro Corporation (BAA) +15.43% to $2.02. Keegan Resources Inc. (KGN) +13.39% to $2.54. Vista Gold Corp. (VGZ) +11.86% to $2.64.

The S&P/TSX Capped Financial Index lost 2.87%.
Birchcliff Energy Ltd. (BIR) +18.32% to $6.33. Claymore Natural Gas Commodity (GAS) +12.63% to $9.63. Sentry Select Primary Metals C (PME) +10.05% to $4.38. Precious Metals and Mining Tru (MMP.UN) +9.43% to $5.80. Canadian Helicopters Income Fu (CHL.UN) +9.02% to $7.25.
Premium Income Corporation (PIC.A) -16.67% to $2.50. Kingsway Financial Services In (KFS)
-10.00% to $2.25. Brookfield Properties Corporat (BPO) -8.79% to $7.16. Brookfield Asset Management In (BAM.A) -7.38% to $16.81. Power Financial Corporation (PWF) -6.62% to $18.33.
AbitibiBowater Inc. (TSX:ABH) shares plummeted 15 cents or 17.8 per cent to 69 cents Thursday after a report said U.S. banks were balking at a subsidiary's debt restructuring plan to avoid seeking bankruptcy protection.

The S&P/TSX Capped Utilities Index lost .92%.

S&P/TSX Capped Industrial Index dropped .86%.
Canfor Corporation (CFP) -6.64% to $4.50.



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