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Canadian Stocks Rise as Weaker U.S. Dollar Boosts Metal Futures

Canadian stocks rose, completing a weekly gain, as a weaker U.S. dollar boosted metals futures.

Teck Resources Ltd., Canada’s largest base-metals and coal producer, advanced 2.6 percent as copper climbed for a fourth day. Kinross Gold Corp., Canada’s third-largest gold producer, increased 4.9 percent as the U.S. dollar slipped after U.S. consumer spending and home sales lagged behind most economists’ forecasts. Royal Bank of Canada, the country’s biggest bank, fell 3 percent after its quarterly profit trailed the average analyst estimate by 8.4 percent, excluding certain items.

The Standard & Poor’s/TSX Composite Index rose 21.69 points, or 0.2 percent, to 13,797.59 for a 1.1 percent gain this week.

“The housing numbers were terrible, therefore, people say there’s no way interest-rate increases are on the radar screen in the near future,” said Greg Eckel, a money manager at Morgan Meighen & Associates Ltd. in Toronto, which oversees about C$1 billion ($1 billion). “That translates in the relationship between the weak dollar and higher commodity prices.”

The stock benchmark has gained 3.1 percent since May 13 for its biggest two-week advance since Feb. 4. Raw-materials and energy companies climbed as analysts at banks including Deutsche Bank AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. said commodity prices are likely to rebound. Those industries make up 48 percent of Canadian stocks by market value.

U.S. Home Resales

The U.S. dollar retreated against all 16 other major currencies after the National Board of Realtors said pending home resales plunged 12 percent last month, more than 11 times the median drop forecast in a Bloomberg survey of economists.

Personal spending rose 0.4 percent in April, the Commerce Department said in Washington. Economists had forecast a gain of 0.5 percent, according to the median of 81 estimates in a Bloomberg survey.

Base-metal and coal producers rose as copper futures headed for a third-straight weekly gain as Shanghai copper inventories slid for a 10th week.

Teck advanced 2.6 percent to C$50.42. Sherritt International Corp., which mines coal, nickel and cobalt, surged 4.6 percent to C$7.08. Ivanhoe Mines Ltd., which is developing a copper and gold mine in Mongolia with Rio Tinto Group, increased 3.9 percent to C$25.09.

Equinox Minerals Ltd., the copper producer that has agreed to be bought by Barrick Gold Corp., decreased 6.1 percent to C$7.60 in Toronto Stock Exchange trading after Barrick said talks with the Zambian government on the takeover are continuing. The African country’s competition agency said today it has conditionally approved the purchase.

Precious-metals companies climbed as the U.S. dollar retreated as much as 1.1 percent against the euro, the most since April 20.

Kinross, Semafo

Kinross rose 4.9 percent to C$15.76 for a ninth-straight gain, the longest streak since at least 1993. Semafo Inc., a gold producer scheduled to release quarterly earnings on May 30, jumped 6.2 percent to C$8.55. Great Basin Gold Ltd., which explores in the U.S. and South Africa, soared 10 percent to C$2.04.

Harry Winston Diamond Corp., the owner of the Diavik mine featured on the TV show “Ice Road Truckers,” advanced 3.9 percent to C$17.20, the highest since September 2008. Yesterday, Tiffany & Co., the world’s second-largest luxury jewelry retailer, boosted its 2011 earnings forecast.

Fertilizer producers climbed as corn rose for a third day after the China National Grain & Oils Information Center said the country may consume more corn than it produces in the year beginning Oct. 1.

Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer by market value, increased 1.2 percent to C$54.69. Agrium Inc. advanced 2.5 percent to C$84.46.

Profit Misses

Royal Bank, Canada’s largest company by market value, fell 3 percent, the most in five months, to C$57.36 after saying earnings from investment banking declined. Yesterday, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce reported profit that lagged behind their average analyst estimates.

The S&P/TSX Banks Index lost 1.8 percent this week, the most in six months.

Valeant Pharmaceuticals International Inc., Canada’s largest drugmaker, rose 3.2 percent to C$51.17, extending its weekly rally to 5.9 percent. In a note dated yesterday, Cosme Ordonez, an analyst at GMP Capital Inc., said the company’s pending 314-million-euro ($448 million) purchase of AB Sanitas “represents a strategic fit for Valeant expansion plans in Europe.”

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