TSX Jumps 173 Points As ECB Hints At Stimulus -- Canadian Commentary

(RTTNews) - Canadian stocks joined the global market rally Thursday, as traders cheered indications the European Central Bank will announce more stimulus in December.

Rather than tighten monetary policy, central banks seem more keen on pursuing additional accomodation in order to stave off another winter economic lull.

The S&P/TSX Composite Index was up 173.92 points at 13,878.11, a gain of 1.27%.

"The degree of (stimulus) will need to be re-examined at our December monetary policy meeting, when the new Eurosystem staff macroeconomic projections will be available," European Central Bank President Mario Draghi said.

Teck Resources (TCK-A.TO) was up 5.4 percent. The company announced that its earnings came in at C$29 million, or C$0.05 per share. This was lower than C$159 million, or C$0.28 per share, in last year's third quarter.

Rogers Communication (RCI-A.TO) added 5 percent. The company's profit for the third quarter increased 40 percent from last year, reflecting revenue growth across all its segments. The results for the quarter beat analysts' estimates.

Shaw Communications (SJR-B.TO) was down 2.3 percent. The company's fourth quarter earnings topped expectations, but revenues came in slightly below estimates.

Drug maker Valeant (VRX.TO), refered to by one publication as the "pharmaceutical Enron," saw shares drop another 3.5 percent.