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Canada Stocks Rise to All-Time High as Banks, Metals Miners Gain

Canadian stocks rose a fifth day, with the benchmark index extending a record, as banks and metals miners advanced amid data that boosted confidence in the world’s largest economies.

Teck Resources Ltd. (TCK/B) and First Quantum Minerals Ltd. increased at least 2.9 percent as copper jumped to a 19-week high. Royal Bank of Canada, the nation’s second-largest lender, paced gains as banks climbed a fourth day to extend a record. CAE Inc. (CAE) rose 1.2 percent after winning a series of defense contracts for global customers worth about C$110 million ($103 million). BlackBerry (BB) Ltd. jumped 4.1 percent, extending a four-month high.

The Standard & Poor’s/TSX Composite Index (SPTSX) rose 63.78 points, or 0.4 percent, to a record 15,209.79 at 4 p.m. in Toronto. Canadian markets were closed yesterday for a national holiday.

“It’s partly a bit of a catch-up from yesterday as the U.S. market was up,” said Ian Nakamoto, director of research at MacDougall MacDougall & MacTier Inc. in Toronto. The firm manages about C$4.7 billion. “The Canadian banks still look pretty good here, in terms of safety and consistent growth.”

A gauge of global equities closed at an all-time high yesterday after data showed manufacturing activity expanding in countries from China to the U.K. and the U.S. The S&P 500 and Dow Jones Industrial Average both reached records.

Economy Confidence

Data from employment to housing is fueling confidence that the U.S. economy is rebounding after the worst contraction in gross domestic product since 2009. Data today indicated staffing at companies climbed in June by the most since November 2012, boosting bets growth is heating up in the world’s biggest economy.

A report yesterday showed China’s Purchasing Managers’ Index (CPMINDX) climbed to 51.0 in June, suggesting the government’s efforts to arrest a slowdown are helping to stabilize the world’s second-largest economy. China and the U.S. are Canada’s biggest trading partners.

The S&P/TSX has rallied 1.7 percent in the past five days. The gauge rallied 6.1 percent in the past three months, capping a fourth straight quarterly advance.

Seven of the 10 main industries climbed today, with technology and consumer stocks pacing gains. BlackBerry climbed 4.1 percent to C$11.39, the highest since March 4.

Shares of the smartphone maker have surged 41 percent in the past month after the company reported a narrower loss in the fiscal first quarter than analysts had estimated.

Teck Resources, Canada’s largest diversified miner, added 4.3 percent to C$25.40, the biggest gain since January, and First Quantum Minerals rose 2.9 percent to C$23.49, highest since November 2012. The price of copper in New York rose to a 19-week high. Nickel, aluminum, zinc, tin and lead rose in London.

Royal Bank advanced 1 percent to C$77.01 and Bank of Nova Scotia rose 0.3 percent to C$71.34 to pace gains as the S&P/TSX Banks Index climbed 0.4 percent to a record.

To contact the reporter on this story: Eric Lam in Toronto at elam87@bloomberg.net

To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net Jeremy Herron

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