TSX Rally Fueled By Resource Stocks -- Canadian Commentary

(RTTNews) - Canadian stocks jumped near record highs Monday, preserving recent gains as energy and mining stocks continued to rally.

The Toronto Stock Exchange's S&P/TSX composite index rose 72.04 points, or 0.45 percent, to 16,092.20. Energy stocks gained 2.5 percent, as crude oil futures skyrocketed after a purge of the royal family's political rivals in Saudi Arabia.

December crude oil jumped $1.71, or 3.1%, at $57.35/bbl, the highest in two years.

Gold futures rallied Monday for the biggest one-day gain in more than a month. December gold rose $12.40, or 1%, to $1,281.60 an ounce.

Valeant Pharmaceuticals International (VRX.TO) has signed a deal to sell its Sprout Pharmaceuticals subsidiary and its female libido drug to the company's former owners. Shares rose 4.2 percent.

Cineplex (CGX.TO) is bringing NFL Sunday night games, Super Bowl to numerous Canadian theatres. Shares rose fractionally.

Gildan Activewear (GIL.TO) was downgraded today despite upbeat earnings. BMO Capital Markets downgraded the stock from Outperform to Market Perform and lowered the price target from $34 to $30.

Franco Nevada Corp. jumped 6 percent after upbeat results.