Canadian stocks rose to a record, following a two-day slide, as materials companies advanced with gold and Royal Bank of Canada rallied amid data showing housing starts unexpectedly advanced last month.
Royal Bank, the nation’s second-largest lender by assets, rose 0.9 percent to extend its longest winning streak in four years. Alacer Gold Corp. added 6.7 percent as gold prices increased for the first time in four days. Copper Mountain Mining (CUM) Corp. jumped 4.1 percent after reporting record second-quarter production results for its mine in British Columbia. Bankers Petroleum Ltd. sank as crude prices slid a ninth day.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 78.01 points, or 0.5 percent, to 15,215.19 at 4 p.m. in Toronto. The benchmark Canadian equity gauge has gained 12 percent this year, topping its previous record in June, for the third-best performance among the world’s developed markets.
Canadian housing starts unexpectedly rose for a third month in June led by single-family dwellings, adding to signs the nation’s real estate market is defying predictions of a slowdown.
Consumer confidence approached its 2014 high last week on optimism about real estate prices, according to the Bloomberg Nanos Canadian Confidence Index.
Nine of the 10 industries in the S&P/TSX rose on trading volume 9.1 percent higher than the 30-day average.
Royal Bank rose 0.9 percent to a record C$78.50. The stock has climbed for nine days, the longest streak since February 2010. The S&P/TSX Banks Index rallied 0.6 percent, for its eighth advance in the past nine days.
Copper Mountain Mining jumped 4.1 percent to C$3.05, the highest since March 2013. Production from the Copper Mountain mine in British Columbia rose 4 percent from the prior quarter to 19.9 million pounds in the second quarter.
Bankers Petroleum retreated 1.4 percent to C$7.01 to pace declines among energy stocks. West Texas Intermediate crude dropped for a ninth day, the worst losing streak since 2009, after a report showed U.S. supplies increased.
To contact the reporter on this story: Eric Lam in Toronto at firstname.lastname@example.org