Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

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.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Canadian Stocks Rise for Second Day on Oil Gains, Fed Minutes

Don't Miss Out —
Follow us on:

April 9 (Bloomberg) -- Canadian stocks rose for a second day as minutes from a U.S. Federal Reserve meeting suggested the central bank was pulling back from comments that roiled the markets last month.

Dollarama Inc., a discount retailer, climbed 8.4 percent to its highest price since going public in 2009 after beating analyst estimates for its fourth-quarter earnings. Cascades Inc. fell 1.1 percent after the paper and cardboard maker said it would close a mill in Sweden.

The S&P/TSX added 63.13 points, or 0.4 percent, to 14,435.58 at 4 p.m. in Toronto for a one-week high. Trading was in line with the 30-day average.

The Federal Reserve played down projections some of its own policy makers had made suggesting interest rates might rise more quickly than the market had predicted. Fed Chair Janet Yellen said in March that a rate rise might come as soon as six months after the central bank ends its monthly bond-buying program. Today’s minutes don’t mention that time frame.

Energy stocks rose 0.4 percent to the highest level since 2011. BlackPearl Resources Inc. rose 6.8 percent to C$2.84 and Bankers Petroleum Ltd. advanced 4.6 percent to C$5.75 to lead gains among oil and gas producers.

“The focus right now is on some of the commodity price moves especially in energy,” said Bob Decker, fund manager at Aurion Capital Management in Toronto. “The most investor appetite right now is for increasing their exposure to energy as a result of the lowered Canadian dollar and the strong energy price realizations,” he said by phone. The firm manages about C$6 billion ($5.5 billion).

The Canadian dollar has fallen 4 percent against a basket of developed country currencies this year. West Texas Intermediate crude was up 0.7 percent at $103.32 a barrel -- the highest since March 4.

Dollarama rose 8.4 percent to C$92.97 after beating analyst estimates for fourth-quarter earnings and increasing its dividend to 16 Canadian cents from 14 cents.

Cascades fell 1.1 percent to C$7.17. The Kingsey Falls, Quebec-based company recycles paper into new packaging. It said it would close its Swedish mill, which employs 130 people and can produce 60,000 metric tons of cardboard each year.

Canadian Oil Sands Ltd. dropped 1.2 percent to C$23.12 after Royal Bank of Canada cut its rating on the company to the equivalent of a hold from the equivalent of a sell.

Copper Mountain Mining Corp. rose 11 percent to C$2.47 after reporting first quarter production that exceeded the previous quarter by 9 percent.

To contact the reporter on this story: Gerrit De Vynck in Toronto at gdevynck@bloomberg.net

To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net Jeremy Herron

Please upgrade your Browser

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

Chrome, Firefox, Safari, Opera or Internet Explorer.