Canada Stocks Rally a Sixth Day as Gold Jumps on U.S. Jobs Data
Canadian stocks rose for a sixth day, the longest streak since April, as gold and silver prices surged after U.S. payrolls climbed less than projected.
Detour Gold Corp. (DGC) and B2Gold Corp. rallied at least 5.6 percent as the price of gold rallied to a three-week high. Endeavour Silver Corp. surged 7.8 percent to pace gains among raw-materials producers. Pretium Resources Inc. plunged 29 percent after an independent consultant that withdrew from the company’s Valley of the Kings project said there are “no valid gold mineral resources” at the site.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 99.33 points, or 0.8 percent, to 13,285.86 at 10:13 a.m. in Toronto. The benchmark Canadian equity gauge has rallied 3 percent in the past six days, extending a two-year high.
The U.S. added 148,000 workers in September, following a revised 193,000 rise in August that was larger than initially estimated. The median forecast of 93 economists surveyed by Bloomberg called for a 180,000 advance. The unemployment rate fell to 7.2 percent, the lowest since November 2008.
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