Canada Stocks Rise the Most in Two Months as Energy Shares Gain

Updated on

Canadian stocks rose the most in two months as energy producers jumped with the price of crude and health-care companies rallied with railroads.

Penn West Petroleum Ltd. gained 7.2 percent to lead a rise in energy shares as oil advanced 3 percent in New York. Valeant Pharmaceuticals International Inc. jumped 2.4 percent, contributing to a 2 percent gain for health-care companies. Canadian Pacific Railway Ltd. climbed 1.8 percent.

The Standard & Poor’s/TSX Composite Index rose 130.78 points, or 0.9 percent, to 15,203.61 at 4 p.m. in Toronto, for the best rally since March 16.

Seven of 10 industries in the S&P/TSX gained on trading volume 7.3 percent lower than the 30-day average. Crescent Point Energy Corp. and Trinidad Drilling Ltd. rose more than 5.2 percent, as energy shares gained 2 percent as a group.

Oil rose for a second day as U.S. crude stockpiles shrank, indicating the supply glut may be easing. Futures advanced 3 percent in New York.

Valeant Pharmaceuticals added to annual gains that together with Concordia Healthcare Corp. have boosted total returns for the members of the S&P/TSX Composite Health Care Index to almost six times that of its U.S. counterpart, according to data compiled by Bloomberg.

ATS Automation Tooling Systems, Inc. soared 8.2 percent, the most in the S&P/TSX after reporting first quarter earnings that outpaced analysts’ estimates.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE