Watch Live


Canadian Stocks Rise for Third Day as Consumer Shares Advance

Canadian stocks rose, after the benchmark index posted its third straight quarterly advance, as health-care and consumer companies led gains.

Longview Oil Corp. added 5.1 percent after Surge Energy Inc. agreed to buy the Calgary-based company. Amaya Gaming Group Inc. dropped 15 percent as fourth-quarter earnings and revenue missed analyst estimates.

The Standard & Poor’s/TSX Index rose 45.24 points, or 0.3 percent, to 14,380.55 at the close in Toronto, gaining for a third straight day. The gauge jumped 5.2 percent in the first quarter, increasing 0.9 percent in March after a 3.8 percent rally in February.

The market is starting to recover after the rally slowed in March, said John Kinsey, a fund manager at Caldwell Securities Ltd. in Toronto. He helps manage about C$1 billion ($907.4 million).

“It looks like it’s starting to claw its way back up again,” he said in a phone interview.

Economic data today showed manufacturing in the U.S. expanded at a faster pace in March as gains in production and orders showed the industry was mending at the close of a winter-depressed first quarter. Growth in euro-area manufacturing stayed close to the highest level in almost three years in March. Manufacturing indexes pointed to weakness in China’s economy as leaders contemplate whether to add stimulus.

Consumer-discretionary stocks led gains among the main industries in the benchmark index, adding 1.3 percent. Six of the 10 groups advanced, with raw-materials companies falling the most.

Longview Oil added 5.1 percent to C$5.77 after Surge Energy agreed to buy the company for C$429 million.

Amaya Gaming

Amaya Gaming dropped 15 percent to C$6.30 after reporting fourth-quarter earnings and sales that fell below analyst predictions.

Kinross Gold Corp. increased 0.4 percent to C$4.59 after it released a new feasibility study for its Tasiast mine expansion project in Mauritania.

“The project has a strong probability of proceeding,” Tony Lesiak, a Toronto-based analyst with Canaccord Genuity Corp., wrote in a note to clients. Lesiak has a buy rating on the stock.

Dynasty Metals & Mining Inc. rose 7.3 percent to C$1.47 after the company said it had started production at its Zaruma gold mine in Ecuador.

Athabasca Minerals Inc. fell 4.5 percent to C$1.71 after reporting lower per-share earnings for the year ended Nov. 30 compared with the previous year.

To contact the reporter on this story: Gerrit De Vynck in Toronto at

To contact the editors responsible for this story: Lynn Thomasson at Michael P. Regan

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.