Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Canadian Stocks Rise as European Crisis Spreads, Gold Gains

Canadian stocks rose, completing a fifth-straight monthly gain, as gold producers advanced after Europe’s debt crisis spurred demand for the precious metal and Research In Motion Ltd. rallied on analyst’s “buy” rating.

Barrick Gold Corp., the world’s largest producer, gained 3.4 percent as the metal advanced to a two-week high. RIM, the BlackBerry maker, gained 5.4 percent after the upgrade from Peter Misek, an analyst at a Jefferies Group Inc.

“We’re in one of those risk-aversion phases,” said Danielle Park, a partner at Venable Park Investment Counsel Inc., which manages at least C$1 million ($974,000) each for more than 250 families. “People are not enthused about equities, they’re worried about sovereign risk. Gold is something that’s been successful, so they’ll do more of that.”

The Standard & Poor’s/TSX Composite Index increased 57.23 points, or 0.4 percent, to 12,952.88 at 4 p.m. in Toronto. The index has gained 2.2 percent this month, second to Japan among 24 developed-market benchmarks. The series of monthly gains is the longest since September 2009.

The S&P/TSX has climbed 10 percent this year, led by raw-material producers, as gold soared 26 percent. Eight of the world’s 20 largest gold companies are Canadian.

The euro fell to a 10-week low today as bond yields rose in Spain, Greece and Ireland. Ireland agreed to an 85 billion-euro ($111 billion) aid package from other European governments on Nov. 28, after Greece got a bailout in May.

Gold gained 1.4 percent to $1,386.10 an ounce in New York as investors sought an alternative to holding currency.

Exploration Results

Barrick advanced 3.4 percent to C$52.91, the highest price since March 2008. Yamana Gold Inc., Canada’s fourth-largest gold producer, rose 4 percent to C$11.98 after saying exploration results in Mexico and Brazil “support significant increases in mineral resources.” Centerra Gold Inc., which mines in Kyrgyzstan and Mongolia, climbed 6.6 percent to C$20.04 after a joint-venture partner reported drilling results from a project in Turkey.

International Tower Hill Mines Ltd., which is developing a gold project in Alaska, jumped 11 percent from a record close to C$10.56 after announcing drilling results. The company said it found “the highest grade gold mineralization over the largest intercepts on the project to date.”

RIM, Canada’s largest technology company, rallied 5.4 percent to C$63.25 after Misek raised his rating on the shares to “buy” from “hold.” Misek said RIM’s new operating system is “better than expected” and that market-share losses in large companies are “slower than feared.”

Selling Shares

Technology-patent owner Wi-LAN Inc. tumbled 5.5 percent to C$4.48 after announcing an equity offering. The company will sell 5 million shares at C$4.35 a share.

Copper futures rose 1.4 percent after UniCredit SpA said supplies of the metal will trail demand by 1 million metric tons in the next two years.

Teck Resources Ltd., Canada’s largest base-metals and coal producer, gained 3.5 percent to C$51.01. Inmet Mining Corp., which produces copper, zinc and gold, advanced 1.7 percent to C$61.92 after saying it will pay Leucadia National Corp. $552 million in cash and stock for Leucadia’s 30 percent stake in Spain’s Las Cruces copper mine.

Pharmaceutical company Resverlogix Corp. soared 37 percent to C$3.43, extending its four-day gain to 81 percent. The company said yesterday clinical trials showed that its heart drug RVX-208 lowered low-density lipoproteins, also known as bad cholesterol.

Resverlogix shares had plunged 70 percent from Nov. 15 to Nov. 24 as the company reported less success with its drug than Merck & Co. reported for its cholesterol treatment, anacetrapib.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.