Immediately following an [LINK 1] early Wednesday afternoon that it was cutting interest rates, local stocks that had spent the morning in the red began posting huge gains.
One of the biggest winners was a stock that has taken a beating in recent months -- JDS Uniphase. The stock finished up 37% on the Nasdaq, gaining $14.37 to $53.62. The stock had reached a low in the morning of $37.75. On the TSE the stock was up 31%, gaining $19.35 to $80.60.
Entrust Technologies was already up strongly on the day after [LINK 2] and got a further bounce on the rate cut, finishing up 28% on the Nasdaq, rising $3.50 to $15.87.
World Heart was up 23%, rising $2.25 to $12.00. Nuvo picked up 30% to 53 cents, and SiGEM gained 20% to $1.98.
Vancouver-based PMC Sierra was a big gainer on the day. The stock reached a low of $57.75 Wednesday morning on the Nasdaq, before hitting $80.87, up 20% or $13.43 when the market opened.
Nortel ended trading up 16% on the TSE and 16% on the NYSE. On the TSE, the stock gained $7.20 to reach $52.50.
Cognos, Mitel, Corel, Plaintree, AiT, GSI Lumonics, Alcatel Canada, Cognicase and Mosaid all posted gains of over 10% on the day, with Tundra Semiconductor also posting a nice gain.
