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Canadian Stocks Advance as Gold Climbs to Record; RIM Gains

Canadian stocks gained for a third day as gold producers rose on record prices of the metal.

Barrick Gold Corp., the world’s largest producer, advanced 2.2 percent as gold futures climbed the most since Feb. 16 after a measure of German investor confidence dropped for a fifth straight month. BlackBerry maker Research In Motion Ltd. increased 2.2 percent after analysts reiterated “buy” ratings on the company ahead of the release of its financial results.

The Standard & Poor’s/TSX Composite Index advanced 43.12 points, or 0.4 percent, to 12,192.98. The S&P/TSX has outgained the S&P 500 this year, 3.8 percent to 0.5 percent, as gold futures surged 16 percent. Gold companies make up 11 percent of Canadian stocks by market value, according to Bloomberg data.

“People are concerned about the stability of the market,” said Steven Conville, a money manager at Macquarie Private Wealth Inc. in Markham, Ontario, which manages about C$8 billion ($7.8 billion). “In anticipation of the markets getting overbought, that is what is pushing gold at this point. The markets are rallying, and people really don’t know why, and that’s spurring gold.”

Gold futures for December climbed to $1,271.70 an ounce after the ZEW Center for European Economic Research in Mannheim, Germany, said its index of investor and analyst expectations fell to a 19-month low, raising concern that the economic recovery will slow.

Biggest Producers

Barrick increased 2.2 percent to C$46.41. Goldcorp Inc., the world’s second-largest gold producer by market value, climbed 3.6 percent to C$44.14. Iamgold Corp., which mines in Africa, South America and Quebec, jumped 5.4 percent to C$18.30. Detour Gold Corp., which explores in northern Ontario, soared 10 percent, the most since February, to C$31.79.

Silver reseller Silver Wheaton Corp. rallied 4 percent to a record C$25.47 as that metal rose to a two-year high.

RIM, Canada’s largest technology company, gained 2.2 percent to C$46.39 two days before it announces second-quarter earnings. Mike Abramsky, an analyst at Royal Bank of Canada, reiterated his “top pick” rating on the stock, while Chris Umiastowski of Toronto-Dominion Bank kept the company at an “action list buy.”

RIM shares have plunged 35 percent this year and closed at the lowest price since November 2006 yesterday.

S&P/TSX banks retreated for the first time in five days after Gabriel Dechaine, an analyst at Credit Suisse Group AG, cut his ratings on Bank of Montreal and National Bank of Canada.

BMO, Canada’s fourth-largest lender by assets, fell 1 percent to C$61.15 after Dechaine reduced its rating to “underperform” from “neutral.” National Bank, which Dechaine cut to “neutral” from “outperform,” dropped 1 percent from a record close to C$66.07.

Caterpillar-equipment dealer Finning International Inc. gained 2.4 percent to C$23.30, the highest since September 2008. Sara O’Brien, another RBC analyst, boosted the Vancouver-based company to “outperform” after rating the stock “sector perform” since November 2009.

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