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Canadian Stocks Rise as Oil Producers, Financial Shares Advance

July 14 (Bloomberg) -- Canadian stocks rose a second day as energy shares advanced and the nation’s largest lenders climbed after data showed home prices increased.

Athabasca Oil Corp. jumped 3.8 percent after PetroChina Co. said it is committed to completing the purchase of a stake in an oil-sands project. Royal Bank of Canada added 0.3 percent to reach a record. Bombardier Inc. rose 1.6 percent after a U.K. lessor signed letters of intent to purchase as many as 24 CSeries jets. Argonaut Gold Inc. and Alacer Gold Corp. slumped more than 5.2 percent after gold prices posted the biggest loss this year as Portuguese banking concerns eased, lessening demand for safe haven assets.

The Standard & Poor’s/TSX Composite Index rose 45.73 points, or 0.3 percent, to 15,171.23 at 4 p.m. in Toronto. The benchmark Canadian equity gauge has gained 11 percent this year, the third-best performer among the world’s developed markets. The index closed at a record on July 9.

Athabasca Oil climbed 3.8 percent to C$7.13 to pace gains among energy stocks. The S&P/TSX Energy Index climbed 0.9 percent, the most in the benchmark Canadian equity gauge. Seven of 10 industries in the S&P/TSX rose.

Chen Shudong, the incoming director of China National Petroleum Corp.’s Canadian unit, said in an e-mail that PetroChina is committed to completing its C$1.32 billion ($1.23 billion) purchase of the stake it doesn’t own in the Dover oil-sands project in Canada from Athabasca.

Home Prices

Royal Bank, the nation’s second-largest lender by assets, added 0.3 percent to C$78.54, an all-time high. The S&P/TSX Banks Index rose 0.5 percent to a record. Home prices rose 0.9 percent in June for a third month of gains, according to the Teranet-National Bank Home Price Index.

Bombardier rallied 1.6 percent to C$3.83, the biggest increase in a month. The company said July 12 that Falko Regional Aircraft Ltd. has signed letters of intent for as many as 24 CS100 aircraft. The company’s CSeries jet was absent from the world’s biggest aviation expo after an engine caught fire during May testing.

Lundin Mining Corp. increased 1.8 percent to C$6.38, a three-year high. The base metals miner said it has been “actively pursuing” the acquisition of a mining project or operating mine.

To contact the reporter on this story: Eric Lam in Toronto at elam87@bloomberg.net

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

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