Canadian stocks rose as gains by gold producers amid unrest in Libya outweighed a decline by Teck Resources Ltd. after it cut its 2001 copper and coal sales forecasts.
Barrick Gold Corp. and Goldcorp Inc., the world’s two largest gold producers, rose as much as 0.7 percent as gold futures advanced near a record on demand for an alternative investment. Teck declined 1.8 percent after saying labor disruption and difficult weather conditions have slowed production in the first quarter.
The Standard & Poor’s/TSX Composite Index gained 27.50 points, or 0.2 percent, to 14,027.50 at 10:16 a.m. in Toronto after falling as much as 0.1 percent earlier.
The S&P/TSX yesterday fell 0.1 percent for its first decline in four days. It had gained 3.6 percent from March 16 through March 21 for the biggest three-day advance in more than 10 months, as oil rebounded from its decline following the earthquake and tsunami in Japan. Energy companies make up 28 percent of Canadian stocks by market value, the most among 10 industries.