Canada Stocks Gain for Fifth Day as Manulife Offsets Oil

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Canadian stocks rose a fifth day, extending the longest winning streak since February, as an advance in financial and health-care shares offset losses in energy producers amid oil’s worst slump in two months.

Manulife Financial Corp. added 2 percent after nearing a deal to sell its insurance products in Asia through DBS Group Holdings Ltd. Pacific Rubiales Energy Corp. tumbled 8 percent as crude slumped 6.6 percent in New York. McEwen Mining Inc. dropped 6 percent after armed robbers stole $8.5 million of gold from its Mexico mine. Valeant Pharmaceuticals International Inc. and Concordia Healthcare Corp. jumped at least 3.8 percent for a second day of gains.

The Standard & Poor’s/TSX Composite Index rose 24.76 points, or 0.2 percent, to 15,213.60 at 4 p.m. in Toronto. The equity gauge has advanced 2.1 percent over five days.

Eight of the 10 main groups in the equities benchmark advanced, with financial shares rising 0.7 percent. The group accounts for about one-third of the index by weighting. Health-care shares rallied after Mylan NV offered to buy Perrigo Co., adding to a spate of recent deals in the sector. Trading volume was 3.1 percent below the 30-day average today.

Manulife, Canada’s largest life insurer, climbed 2 percent for a second day of gains. The company will pay S$1.6 billion ($1.2 billion) to DBS Group to sell and market its products in Singapore, Hong Kong, China and Indonesia.

Yamana Gold Inc. slipped 1.5 percent as gold for June delivery declined 0.8 percent to $1,199.26 an ounce in New York.

Canadian Natural Resources Ltd. dropped 2.6 percent and Crescent Point Energy Corp. lost 3.6 percent as energy producers declined 1.6 percent as a group.

New York crude futures plunged 6.6 percent a day after reaching their high for the year. U.S. oil stockpiles climbed 10.95 million barrels in the week ended April 3 to the highest level since 1930, a government report showed on Wednesday.

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