Oct. 29, 2009 (Baystreet.ca) --

Toronto stocks revved up higher on Thursday afternoon and erased losses from the previous session. Commodities led a rally for resource stocks. Shortly before the closing bell, the S&P/TSX composite index had climbed 241.47 points, or 2.2%, to 11,046.80. Mining stocks have rallied, as HudBay picked up 13.7% to $14.60, while First Quantum jumped 7.3% to $75.60 and Inmet added 9.3% to $61.09. Teck Resources rose 5.3% to $32.35 after the company's net earnings for the third quarter increased to $609 million, or $1.06 per share, from $424 million, or $0.95 per share, in the same period last year. Lundin Mining Corp. added 2.3% to $4.40, despite announcing its third-quarter net income was $3.7 million U.S. or $0.01 U.S. per share compared with a loss of $199.0 million U.S. or $0.51 U.S. per share in the prior year period. Richmont Mines was ahead 0.7% to $3.04 after the company reported third-quarter net earnings were $183,000 or $0.01 per share versus a loss of $894,000 or $0.04 per share in the last year. Materials stocks and gold stocks added strength as the precious metal turned higher on the Comex. Iamgold climbed 8.8% to $14.34 and New Gold gained 7.1% to $4.06. Barrick Gold added 6.4% to $39.42 after the company reported its adjusted third quarter net income was $473 million U.S. or $0.54 U.S. per share, compared to $404 million U.S. or $0.46 U.S. per share in the year ago quarter. Agnico-Eagle Mines Ltd. was downgraded to "neutral" from "outperform" at Credit Suisse, which lowered AEM's price target to $68 from $80. Shares were 7.9% to $60.89. Among other stocks moving on analyst ratings, Sierra Wireless added 4.2% to $10.42 after the stock was upgraded to "hold" from "sell" at Morgan Joseph. Sun Life Financial gained 4.3% to $30.07 after the stock was upgraded to "market perform" from "underperform" at BMO Capital Markets. Imax surged 9% to $11.50 after being upgraded to "market perform" from "underperform" at BMO Capital Markets. Royal Bank of Canada announced that the Toronto Stock Exchange has approved its normal course issuer bid to purchase, for cancellation, up to 20 million of its common shares. The price of those shares rose 3.8% to $55.38. In other corporate news, MacDonald, Dettwiler and Associates was up 7% to $37.57 after the company reported third-quarter net earnings of $29 million or $0.70 per share compared with $242,000 or $0.01 per share in the year-ago period. TransAlta Corp. dropped 1.6% to $20.22 after the company announced it reached a deal to sell 18.65 million common shares.