Canada Stocks Rise, Snap 2-Day Loss as Linamar, Bombardier Rally

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Canadian stocks rose from a one-month low, snapping a two-day slide, as Linamar Corp. surged to a record and Bombardier Inc. climbed the most in two years, offsetting losses among energy producers.

Bombardier added 6.7 percent as the company unveiled plans for an initial offering of its train unit to pay down debt. Linamar advanced 14 percent after reporting better-than-forecast earnings. Gran Tierra Energy Inc. lost 4.5 percent after reporting a first-quarter loss. Penn West Petroleum Ltd. and MEG Energy Corp. retreated more than 5.4 percent to pace declines among oil and gas producers.

The Standard & Poor’s/TSX Composite Index rose 64.93 points, or 0.4 percent, to 15,088.82 at 4 p.m. in Toronto, rebounding from an April 1 low. The gauge has advanced 3.1 percent this year.

Linamar rallied to an all-time high as consumer discretionary stocks jumped 1.9 percent as a group, most in the S&P/TSX. Eight of 10 industries in the benchmark equity gauge advanced on trading volume 43 percent higher than the 30-day average.

Suncor Energy Inc., the nation’s largest oil producer, dropped 1.9 percent for a sixth straight loss, the longest streak since October, and Crescent Point Energy Corp. dropped 2.6 percent as energy stocks fell a third day. The S&P/TSX Energy Index has plunged 4.9 percent in that period.

The New Democratic Party, led by Rachel Notley, ended a 44-year Progressive Conservative dynasty by winning a majority of districts in elections Tuesday.

The NDP promises to boost corporate taxes, review the government’s take of energy revenue, scale back advocacy for pipelines and phase out coal power more quickly. U.S. benchmark crude futures also fell for the first time in three days in New York.

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