Canadian stocks rose for the first time in four days, after tumbling to a two-week low, as the price of crude halted the longest slide since August and Valeant Pharmaceuticals International Inc. (VRX) surged to a record.
Athabasca Oil Corp. and Encana Corp. rose at least 1.2 percent to pace gains among energy stocks. Valeant jumped 10 percent after providing a 2014 forecast. BlackBerry Ltd. increased 6.1 percent for a second day of gains. Alaris Royalty Corp. added 1.8 percent after analysts with National Bank Financial upgraded the stock. Semafo Inc. and Detour Gold Corp. lost more than 2.8 percent as the price of gold slipped a second day.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 99.67 points, or 0.7 percent, to 13,595.21 at 10:10 a.m. in Toronto. The benchmark equity gauge lost 0.9 percent over the previous three sessions.
Brent crude halted its longest run of declines since August on concern clashes between Iraq’s government and al-Qaeda-linked militants may disrupt oil output. Brent for February settlement rose as much as 0.7 percent in London. West Texas Intermediate crude increased 0.3 percent in New York.
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