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Canada Stocks Rise as Metals, Oil Surge, Earnings Top Forecasts

Canadian stocks rose the most in two months as oil and metals surged on a weaker U.S. dollar and companies including Suncor Energy Inc. and Manulife Financial Corp. reported financial results that beat analysts’ estimates.

Suncor, Canada’s largest oil and gas producer, advanced 7.8 percent after surpassing the average analyst profit forecast by 8.3 percent. Kinross Gold Corp., the country’s third-largest gold producer, gained 5 percent as the metal jumped 3.4 percent. Manulife, North America’s third-largest insurer, climbed 9.4 percent after announcing a narrower loss than nine of 10 analysts estimated.

The Standard & Poor’s/TSX Composite Index increased 207.67 points, or 1.6 percent, to a two-year high of 12,878.79.

“We had better results from Manulife, which has been a drag on the market for quite some time,” said Stephen Gauthier, who helps manage C$500 million ($499 million) as a money manager at Fin-XO Securities in Montreal. “We also had good results from Suncor, apart from the fact there was a delayed reaction to the Fed announcement yesterday. All of these things are helping at the same time.”

The Thomson Reuters/Jefferies CRB Commodity Price Index has soared 23 percent over the last four months as the U.S. dollar has slumped on concerns that U.S. Federal Reserve stimulus policy would increase the money supply, weakening the currency. Yesterday, the Fed said it will buy an additional $600 billion of Treasuries through June.

Two-Year High

The CRB index extended a two-year high today as the U.S. dollar fell against all other major currencies.

Crude oil climbed for a fourth day, rallying 2.1 percent to $86.49 a barrel. The S&P/TSX Energy Index rose the most in five months to a two-year high.

Suncor gained 7.8 percent, the most since March 2009, to C$35.48 after reporting production that topped the estimate of George Toriola, an analyst at UBS AG, by 2.6 percent. Canadian Oil Sands Trust, the largest owner of the Syncrude project, increased 3.6 percent to C$27.07.

Canadian Natural Resources Ltd., the country’s second-largest energy producer by market value, beat the average third-quarter profit forecast of analysts by 12 percent, excluding certain items. The shares advanced 4.2 percent to C$39.33.

Among S&P/TSX companies that have reported financial results since Oct. 7, 58 have beaten the average analyst estimate while 32 have fallen short.

Precious Metals

Gold futures soared the most since March 19, 2009, the day after the Fed announced an earlier round of Treasury purchases. Both the metal and an index of S&P/TSX gold companies rose to records. Silver surged 6.6 percent.

Kinross rallied 5 percent to C$18.83 after surpassing the average analyst estimate for third-quarter earnings by 13 percent, excluding certain items. Yamana Gold Inc., the No. 4 producer in Canada, gained 5.6 percent to C$11.47 after its adjusted earnings beat estimates by 13 percent. Anatolia Minerals Development Ltd., which explores for gold in Turkey, jumped 11 percent to a record C$8.73.

Silver reseller Silver Wheaton Corp. surged 8.2 percent to C$32.27. Silvercorp Metals Inc., which mines in China, soared 15 percent, the most in a year, to C$11.55. Gabriel Resources Ltd., which is developing silver and gold projects in Romania, rallied 13 percent to C$7. All three prices are all-time highs.

Manulife Jumps

Manulife rose 9.4 percent, the most since April 2009, to C$14.11. The company reported a third-quarter loss of 55 cents a share, compared with the average analyst estimate of 78 cents a share, excluding certain items. The owner of John Hancock Financial Services Inc. had slumped 33 percent this year through yesterday, the most among S&P/TSX stocks with at least C$1 billion in market value.

Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer by market value, dropped 3.3 percent to C$141.43 after the Canadian government blocked BHP Billiton Ltd.’s takeover bid for the company.

Industry Minister Tony Clement said a BHP takeover would not provide a “net benefit” to the country. BHP had bid $40 billion for Potash Corp.

Valeant Pharmaceuticals International, Inc., the country’s biggest publicly traded pharmaceutical company, lost 3.9 percent to C$27.24 after reporting third-quarter revenue that missed the average analyst forecast by 5.3 percent.

In a press release, Valeant Chief Executive Officer J. Michael Pearson called the financial results of the former Biovail Corp. part of the company “disappointing.” Biovail and Valeant merged in September.

Pembina Pipeline Corp., which transports oil and gas in western Canada, slumped 5.3 percent to C$20.88. At least four analysts reiterated ratings equivalent to “sell” on the shares today, a day after the company reported third-quarter earnings in line with the average analyst estimate.

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