Canadian stocks rose, snapping a three-day decline, as energy producers rebounded with the price of crude amid signs U.S. shale producers will reduce their output.
Pengrowth Energy Corp. soared 9.7 percent after the stock’s rating was upgraded by analysts at National Bank Financial. Bankers Petroleum Ltd. and Husky Energy Inc. increased at least 2.4 percent as energy producers advanced the most in the benchmark Canadian equity gauge. Canaccord Genuity Group Inc. jumped 7.6 percent to lead financial-services companies higher.
The Standard & Poor’s/TSX Composite Index rose 74.38 points, or 0.5 percent, to 14,817.71 at 4 p.m. in Toronto, rebounding from a March low yesterday. The gauge had tumbled 2.7 percent in the past three days.
Suncor Energy Inc. increased 2.3 percent and Canadian Natural Resources Ltd. rose 1.2 percent as energy producers rallied 1.5 percent as a group. Five of 10 industries increased on trading volume 6.6 percent lower than the 30-day average.
West Texas Intermediate crude surged 3.4 percent to settle at $60.14 a barrel in New York. Output from U.S. shale producers will shrink through July to the lowest level since January, the Energy Information Administration reported Monday.
First Quantum Minerals Ltd. climbed 5.6 percent and Teck Resources Ltd. added 2.6 percent as copper futures capped the longest rally in five weeks with a third straight gain.