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Canada Stocks Gain a Fifth Day as U.S. Markets Resume Trading

Canadian stocks rose for a fifth day, the longest winning streak since July, as commodities advanced and U.S. equity markets opened for trading for the first time this week in the aftermath of Hurricane Sandy.

Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer by market value, advanced 0.5 percent as it is in talks to buy Israel Chemicals Ltd. in a deal that may be worth more than $13.5 billion. OceanaGold Corp. surged 6.7 percent after the company said it will look for acquisitions to boost growth. Cenovus Energy Inc. rose 1.3 percent.

The Standard & Poor’s/TSX Composite Index added 45.86 points, or 0.4 percent, to 12,422.91 in Toronto. The benchmark Canadian equity gauge climbed 0.9 percent in October for a fifth month of gains.

“We’re seeing some of the materials stocks higher,” Jeffrey Bradacs, fund manager with Manulife Asset Management Ltd., said from Toronto. He manages about C$1.5 billion. “Suncor reports later today, and there are also some positive results in the U.S. driving Canadian earnings higher.”

Suncor Energy Inc., Canada’s largest oil producer, rose 0.8 percent to C$33.52 and is expected to report third-quarter earnings per share of 79 Canadian cents, according to the average estimate of 18 analysts surveyed by Bloomberg.

Crude rose as refineries resumed operations after the Atlantic superstorm Sandy moved away from the U.S. East Coast.

U.S. equity markets opened today after the longest weather-related shutdown in more than a century, resuming after the New York Stock Exchange was spared by Sandy as it swept through New York.

Commodity Stocks

Raw materials companies paced gains on the Toronto Stock Exchange as the S&P/TSX Materials Index rose 1.2 percent.

Potash Corp. increased 0.5 percent to C$40.15. Executives of the Saskatoon, Saskatchewan-based company have held talks with Israel’s Prime Minister Benjamin Netanyahu and met with government agencies about a “possible merger,” Israel Corp., said in a statement today. Israel Corp., controlled by the country’s billionaire Ofer family, is Israel Chemicals’ biggest shareholder.

Teck Resources Ltd., Canada’s largest integrated mining company, jumped 1.6 percent to C$31.70 and First Quantum Minerals Ltd. rallied 1.3 percent to C$22.45. Copper for December delivery rose 0.3 percent to settle at $3.5175 a pound in New York, after jumping as much as 1.5 percent earlier.

OceanaGold advanced 6.7 percent to C$3.50 after Chief Executive Officer Mick Wilkes said on a conference call the company is looking for acquisitions. The company is also expecting to begin commercial production at its Didipio gold and copper project in the northern Philippines in the first quarter of 2013.

Dundee, Colossus

Dundee Precious Metals Inc. soared 4.3 percent to C$9.19 and Centerra Gold Inc. jumped 6.4 percent to C$11.33 as gold for December delivery climbed 0.4 percent to settle at $1,719.10 an ounce in New York.

Cenovus added 1.3 percent to C$35.23 and Canadian Natural Resources Ltd. climbed 0.2 percent to C$30.10, paring an earlier gain of as much as 1.8 percent. Crude for December delivery increased 0.7 percent to settle at $86.24 a barrel in New York.

Linamar Corp., a manufacturer of machine components primarily for North American automotive, defense and aerospace industries, jumped 5.3 percent to C$22 for its biggest gain since May.

Magna International Inc., North America’s largest auto-parts supplier, advanced 3.1 percent to C$44.40 as General Motors Co., the largest U.S. automaker, posted a third-quarter profit that beat analysts’ estimates by more than 50 percent. Excluding one-time items, GM earned 93 cents a share, beating the 60-cent average estimate of 17 analysts surveyed by Bloomberg.

Bank of Nova Scotia gained 0.2 percent to C$54.25 after naming Brian Porter president, putting him into position to potentially become chief executive officer of Canada’s third-largest bank. Richard Waugh will step down as president tomorrow and remain CEO.

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