Canadian stocks rose a second day as commodities producers advanced and crude gained amid a slump in the dollar.
Air Canada added 1.3 percent after saying it will cut costs more than previously forecast to increase the airline’s profitability. Sherritt International Corp. surged 6.7 percent as most industrial metals rose. Baytex Energy Corp. and Penn West Petroleum Ltd. advanced at least 3.4 percent as crude prices increased.
The Standard & Poor’s/TSX Composite Index rose 30.61 points, or 0.2 percent, to 15,104.74 at 4 p.m. in Toronto. The benchmark equity gauge is up 3.2 percent this year.
First Quantum Minerals Ltd. jumped 5 percent and Teck Resources Ltd. climbed 5.7 percent as raw-materials producers advanced 0.9 percent as a group, the most in the S&P/TSX. Five of 10 industries in the benchmark Canadian equity gauge increased on trading volume 11 percent lower than the 30-day average today.
Copper rose as the dollar posted the biggest decline since March against a basket of 10 major trading partners, boosting the appeal of raw materials as alternative assets.
Negotiations over Greece’s debt continued as the first of four payments comes due this Friday to the International Monetary Fund. The payments total almost 1.6 billion euros ($1.78 billion) this month. Greek Prime Minister Alexis Tsipras said his government had submitted a new proposal while officials from the country’s creditors were said to have agreed on what would be a final offer to avoid the country defaulting.
Air Canada soared 1.3 percent, to the highest level since 2007. Cost savings of 21 percent on each available seat mile are now expected by the end of 2018, higher than the previous target of 15 percent given at the investor day two years ago, Canada’s largest airline said.