TSX Jumps 1% On Widespread Gains -- Canadian Commentary

(RTTNews) - Canadian stocks rallied Monday, powered by gains among resource producers on higher commodity prices.

The S&P/TSX Composite Index was up 144 points, or 1.05 percent, to 13,893.49.

Energy stocks jumped 3 percent, while base metal miners added 3.8 percent.

Gaugues of all major sectors were in the green.

Crude oil futures surged above $47 a barrel after Goldman Sachs said the global supply glut as rapidly dwindled.

In a note to the clients, analysts Damien Courvalin and Jeffrey Currie of Goldman Sachs said it expects a nearly balanced market in the second quarter of this year.

However, Penn West Petroleum (PWT.TO) said it may be in default after earnings for first quarter fell 39% from last year. Shares plunged 22 percent.

Valeant Pharmaceuticals International (VRX.TO) was up 3.8 percent, after it said it will make available to all hospitals in the U.S. an enhanced rebate program to reduce the price of Nitropress and Isuprel.

Telus (T.TO) announced today the appointment of new chief financial officer.

Company vet Doug French is the new Telus CFO. He replaces John Gossling. Shares were up 0.6 percent.

Centamin (CEE.TO) added 3.4 percent. The company announced that its non-executive director, Kevin Tomlinson has resigned.