Sept. 24 (Bloomberg) -- Canadian stocks rose to a second-straight weekly gain after U.S. capital-goods orders rebounded, boosting commodity prices and shares of financial companies.
Manulife Financial Corp., North America’s third largest insurer, climbed 3.1 percent as all eight insurance companies in the main equity index gained. Teck Resources Ltd., Canada’s biggest base-metals producer, climbed 3.2 percent as copper rallied. Barrick Gold Corp., the world’s biggest producer, fell 1.6 percent as the metal slipped from a record price.
The Standard & Poor’s/TSX Composite Index rose 103.07 points, or 0.9 percent, to 12,204.86 at 4:16 p.m. in Toronto, for a 0.3 percent weekly gain.
“The economic data this morning was better than expected and that’s caused some positive vibes in a fairly thin market,” said Greg Taylor, who helps manage about C$4.5 billion ($4.4 billion) at Aurion Capital Management in Toronto. “Canada’s been buffered by the gold weight and stronger banks. We’re positive on the market.”
The S&P/TSX has underperformed all except three of 23 other developed markets’ equity benchmarks this month, due in part to a 0.9 percent decline in energy stocks. Crude oil futures lost 3.6 percent this year after gaining seven of the previous eight years.
Orders for products such as computers and communications gear advanced 4.1 percent in August after slumping 5.3 percent in July, the U.S. Commerce Department said today. Economists had forecast a 3 percent increase, according to the median estimate in a Bloomberg survey.
Manulife, which got 64 percent of its revenue in the U.S. in the second quarter, rose 3.1 percent to C$13.15. Power Financial Corp. gained 2.1 percent to C$29.26.
Teck Resources advanced 3.2 percent to C$40.35 as copper rose to a five month high. Agrium Inc., Canada’s second-largest fertilizer producer, rose 4.8 percent to C$79.17 after being raised to “buy” from “hold” at Desjardins Securities.
Barrick Gold fell 1.6 percent to C$47.45, erasing earlier gains after the metal fell from a record $1,301.60 to $1,298.10. Goldcorp Inc., the world’s second-biggest producer by market value, fell declined 0.8 percent to C$44.93. Gold companies make up 11 percent of Canadian stocks by market value, according to Bloomberg data.
Canadian Oil Sands Trust fell 3 percent to C$25.05 after saying planned work on a plant at the Syncrude venture would be extended as much as a week.
Calfrac Well Services Ltd., a Calgary-based oilfield-services company, increased 6.4 percent to C$24.03 after its rating was raised to “outperform” from “market perform” by Andrew Bradford, an analyst at Raymond James Financial Inc.
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