TORONTO (CP) - The Toronto stock market held on to sharp triple-digit gains in mid-morning trading Monday, helped by higher metal and mining stocks, while New York rose at a more cautious pace, struggling to recoup some of last week's dismal losses.
Toronto's S&P/TSX composite index moved up 110.39 points to-,858.92. The Canadian dollar was down 0.56 of a cent to 93.62 cents US.
On the TSX, the metals and mining sector surged ahead 1.8 per cent after earnings and acquisition news.
Cameco Corp. (TSX:CCO) reported record quarterly sales and profit from higher uranium prices and volumes. Net earnings were $205 million, up by 37 per cent from a year earlier, while revenue was $725 million, up 74 per cent. Cameco stock lost 38 cents to $42.62.
Cameco spinoff Centerra Gold Inc. (TSX:CG) was up 11 cents to $6.91 after second-quarter earnings of US$18.6 million, down from $29 million in the year-earlier period.
The TSX Venture Exchange moved up 12.79 points to 3,176.04.
The Dow Jones industrials rose 31.79 points to-,297.26 in extremely volatile trading
that has seen a peak gain of 53 points and loss of 46.33 points since open Monday.
The Nasdaq composite index was 8.32 points higher to 2,570.56 and the S&P 500 index was up 6.67 points to 1,465.62.
TSX energy stocks climbed 0.4 per cent as the September crude oil contract on the New York Mercantile Exchange lost 58 cents to US$76.44 a barrel.
Health benefits provider Humana Inc. and Tyson Foods Inc., the world's biggest meat producer, both reported second-quarter profit rises that beat analyst forecasts. While earnings from Verizon Communications Inc. and RadioShack were closer to expectations.
But Wall Street remained jittery about a credit crunch putting a crimp on economic growth.
In Canadian corporate news, Com Dev International Ltd. (TSX:CDV) has won a contract worth US$10 million over 30 months to supply electromechanical switches for the Globalstar 2 satellite array. Its shares were up six cents to $5.50.
Mega Uranium Ltd. (TSX:MGA) is buying privately held Northern Lorena Resources Ltd. in a move that will double its area of uranium exploration in Labrador. Company shares lost five cents to $5.41.
Morguard Real Estate Investment Trust (TSX:MRT.UN) said proceeds from the sale of industrial properties helped push up profits in the second quarter to $32.7 million or 55 cents per unit, compared to $4.5 million a year ago. Morguard units climbed 32 cents to $13.63.
Overseas, ABN Amro Holding NV dropped its support for a takeover offer by Barclays PLC. But the board did not endorse a richer bid from a group led by Royal Bank of Scotland PLC because of "significant unresolved questions."
London's FTSE 100 index moved up 27.7 points to 6,242.9.
Frankfurt's DAX 30 moved down 22.87 to 7,474.55 and the Paris CAC 40 added 24.72 to 5,668.68.
Asian markets bounced back as investors snapped up stocks after last week's global selloff.
Japan's Nikkei 225 index inched up 0.03 per cent to 17,289.30, after having plunged 2.4 per cent Friday. Hong Kong's benchmark Hang Seng index rose 0.8 per cent, Singapore's market climbed one per cent and Australian stocks gained 0.4 per cent.
Chinese stocks set a record, but Philippine shares slid 1.5 per cent.
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