Aug. 20 (Bloomberg) -- Canadian stocks rose to a record as crude and base metals prices advanced and the minutes from the Federal Reserve’s latest meeting indicated stimulus will continue amid uneven labor gains.
First Quantum Minerals Ltd. and Lundin Mining Corp. gained at least 1.5 percent as copper advanced. Athabasca Oil Corp. rose 4 percent to pace gains among energy producers. AltaGas Ltd. lost 1.7 percent after declaring a plan to sell shares to fund capital growth. Bellatrix Exploration Ltd. retreated 2.4 percent after its biggest gain in more than a year yesterday.
The Standard & Poor’s/TSX Composite Index rose 84.78 points, or 0.6 percent, to a record 15,561.95 at 4 p.m. in Toronto.
Athabasca rose 4 percent to C$7.21 and Crew Energy Inc. added 3.9 percent to C$10.33. Nine of 10 industries in the benchmark Canadian equity gauge advanced.
West Texas Intermediate crude rose for the first time in three days after U.S. stockpiles decreased more than expected last week.
First Quantum gained 3.2 percent to C$25.02 and Lundin Mining rose 1.5 percent to C$6.11 as copper futures climbed.
Gold fell to a two-week low after the Fed minutes were released. In the minutes, Fed policy makers raised the possibility that an end to aggressive stimulus might occur sooner than anticipated while acknowledging continued slack in the labor market. Fed Chair Janet Yellen will speak on labor markets on Aug. 22 in Jackson Hole, Wyoming.
AltaGas dropped 1.7 percent to C$52. The company plans to sell 7.85 million common shares at C$51 to raise about C$400 million, with the proceeds to be used for capital growth, lowering debt and general corporate purposes.
AltaGas also agreed yesterday to a 15-year alliance with Painted Pony Petroleum Ltd. for the development of processing infrastructure and marketing services for natural gas in British Columbia. Painted Pony climbed 6.9 percent to C$14.36 today.
Bellatrix lost 2.4 percent to C$8.52. The oil and gas explorer jumped yesterday after activist investor Orange Capital LLC acquired a 5.3 percent stake in Bellatrix with as it seeks board changes and a possible sale.
Canadian wholesale sales climbed 0.6 percent to C$53 billion ($48.4 billion), Statistics Canada said in Ottawa, faster than all 11 responses in a Bloomberg survey. The data adds to reports suggesting the world’s 11th economy rebounded in the second quarter after a tough winter disrupted production.
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