Resource Stocks Lead Bay Street Rally -- Canadian Commentary

(RTTNews) - Canadian stocks rose sharply for a second day, as traders cheered merger news and higher commodity prices.

Resource stocks were the big winners, particulary energy shares. Crude oil prices rallied on news that Russia wants to meet with other global producers to talk about low prices.

Renewed hopes the Federal Reserve will delay raising US interest rates also boosted stocks.

The S&P/TSX composite index jumped 212.46 points, or 1.6%, to 13,552.20. The Energy Index soared 4.7 percent, while the Diversified Metals and Mining Index added 8.5 percent.

Canadian Oil Sands (COS.TO) skyrocketed 55 percent, after Suncor Energy offered to acquire it for approximately C$4.3 billion. Suncor Energy (SU.TO) was marginally lower.

Potash Corp. of Saskatchewan (POT.TO) rose 1.6 percent, after it withdrew its $8.6 billion offer to acquire German potash maker K+S Aktiengesellschaft.

Bombardier (BBD-A.TO) was down 0.65 percent. The company is reported to be in discussions with the Caisse de depot et placement du Quebec for cash. Meanwhile, Tech Mahindra has signed deal with Bombardier Commercial Aircraft to make aircraft ground systems.

WestJet Airlines (WJA.TO) rose 0.7 ercent, after it reported that traffic for the month of September 2015, measured in revenue passenger miles or RPMs, increased 7.8 percent to 1.62 billion from last year's 1.51 billion.

Valeant Pharmaceuticals International (VRX.TO) dropped 11 percent. The stock is under pressure due to an investigation by the U.S. Congress into drug prices.

Hudson's Bay (HBC.TO) gained 2.7 percent, after it completed its acquisition of 41 GALERIA Kaufhof properties.