Canada Stocks Rise After Teck Earnings Beat Forecast: RIM Falls

Canadian stocks rose for the first time in four days as mining shares advanced after Teck Resources Ltd. (TCK/B) reported profit that beat estimates and copper rebounded from a six day decline.

Teck, Canada’s biggest base-metals producer, rallied 5.8 percent after higher coal and copper prices boosted first- quarter results. Potash Corp. of Saskatchewan Inc. rose 3 percent as wheat rallied. Research In Motion Ltd. fell 3.8 percent as AT&T Inc. said it won’t immediately release software that enables e-mail on the BlackBerry maker’s new tablet.

The Standard & Poor’s/TSX Composite Index rose 34.50 points, or 0.3 percent, to 13,736.83 at 4 p.m. in Toronto.

“You can get some pretty good reaction to earnings,” said David Cockfield, who helps oversee about C$300 million at MacNicol & Associates Asset Management in Toronto, referring to Teck. Earlier this month “we broke through 14,000 in the TSX without any difficulty at all. I still think it’s a resistance level, until we get some reasonably dramatic news that things are improving, particularly in the U.S.”

The Canadian equity benchmark had fallen 1 percent over the previous three days as banks and commodity producers declined on concern economic growth will slow after U.S. jobless claims topped forecasts and Standard & Poor’s lowered its outlook on U.S. debt to negative.

Teck Rises

Copper halted its longest slump since June after Freeport- McMoRan Copper & Gold Inc. said it suspended operations at a mine in Indonesia, fanning supply concerns.

Teck, the world’s second-largest exporter of metallurgical coal, said profit excluding some items was 76 cents a share as coal sales topped its forecast. Earnings beat the 75 cent average estimate of analysts surveyed by Bloomberg. The shares rose 5.8 percent to C$51.62, the first gain in 10 days.

Quadra FNX Mining Ltd. (QUX), which explores for copper and other metals in the United States, Canada, and northern Chile, advanced 4.4 percent to C$14.15. Quadra estimated its Victoria project contains 3.4 billion pounds of contained copper equivalent and projected it will start production in 2017.

Black Diamond Group Ltd. (BDI), a provider of modular structures for temporary work space and energy services, fell 2.5 percent to C$26.30 after saying it plans to offer 1.8 million shares at C$26.10 each as part of a capital expansion to meet demand from oil-sands developers.

Potash Corp. rose for the first time in four days, gaining 3 percent to C$54.84, as wheat rose on supply concerns after dry weather in the past week hurt crops in the U.S. Agrium Inc., Canada’s No. 2 fertilizer producer, rose 2.4 percent to C$86.94.

Tethering Issue

RIM retreated 3.8 percent to C$50.85 after Business Insider said on its website that AT&T’s policy makes the new PlayBook tablet “pretty much useless.”

AT&T said it “only just” received a test version of software that enables e-mail on the PlayBook that was released today, and won’t release software that enables e-mail on the device.

The issue may be resolved soon and the decline may represent a “short-term buying opportunity.” said Greg Taylor, who helps oversee about C$5 billion ($5.06 billion) as a money manager at Aurion Capital Management in Toronto.

To contact the reporter on this story: Stephen Kleege in New York at

To contact the editor responsible for this story: Michael P. Regan at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.