Aug. 26 (Bloomberg) -- Canadian stocks extended a record as crude and gold prices advanced, while Tim Hortons Inc. surged for a second day on a takeover.
Materials stocks climbed the most in the benchmark index as First Quantum Minerals Ltd. and Eldorado Gold Corp. rose at least 1.2 percent amid an advance in gold. Tim Hortons gained 8.1 percent after Burger King Worldwide Inc. agreed to acquire the company. Bank of Nova Scotia declined 2.4 percent after reporting earnings.
The Standard & Poor’s/TSX Composite Index increased 20.47 points, or 0.1 percent, to a record 15,619.21 at 4 p.m. in Toronto. The gauge has rallied 15 percent this year.
Nuvista Energy Ltd. climbed 7.8 percent to C$11.75 and Canyon Services Group Inc. rose 3.7 percent to C$16.64. Seven of 10 industries in the benchmark Canadian equity gauge advanced.
The S&P/TSX Gold Index climbed 1.9 percent, rebounding from a five-day skid that pushed it to a one-month low, as gold futures increased 0.5 percent. OceanaGold Corp. gained 1.7 percent to C$2.92, while B2Gold Corp. added 4.2 percent to C$2.74.
Tim Hortons, Canada’s biggest seller of coffee and doughnuts, soared 8.1 percent to C$88.71 after rallying 19 percent yesterday. Burger King agreed to purchase it for about C$12.5 billion ($11.4 billion) in a deal that creates the third-largest fast-food company.
The deal moves Burger King’s headquarters to Canada, and gives the company access to a coffee brand with a cult following, which may help boost breakfast sales. The new combined business would create a fast-food network with $23 billion in sales, including franchisees, and more than 18,000 restaurants in 100 countries.
Bank of Nova Scotia fell 2.4 percent to C$72.45 after third-quarter profit from international lending missed some analysts’ estimates. The firm also raised its dividend 3.1 percent.
Bank of Montreal was little changed at C$82.16. Canada’s fourth-largest lender posted third-quarter profit that beat analysts’ estimates on gains in consumer lending and investment banking.
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