Canadian stocks rose for the first time in eight days, after the longest run of losses in four years, as Chinese shares pulled back from a selloff and commodities rebounded.
BlackBerry Ltd. jumped 6 percent, snapping a four-day loss, after analysts at Morgan Stanley raised their rating for the company. Teck Resources Ltd., Canada’s largest diversified miner, added 5.9 percent. MEG Energy Corp. rallied 1.8 percent as it reported a narrower operating loss than analysts estimated. Home Capital Group Inc. dropped 6.4 percent after a director of the company resigned ahead of Wednesday’s earnings call.
Producers of energy and raw materials, which account for about 30 percent of the equity benchmark, are the worst-performing stocks in Canada this year amid a rout in commodities. The Bloomberg Commodity Index of 22 raw materials rose 0.8 percent, snapping a four-day decline to rebound from a 13-year low.
The Standard & Poor’s/TSX Composite Index rose 75.99 points, or 0.5 percent, to 14,077.36 at 4 p.m. in Toronto, snapping the longest losing streak since 2011. The gauge has fallen more than 10 percent from an all-time record on Sept. 3 and is 8.9 percent below an April 15 high.
Trilogy Energy Corp. soared 19 percent and Bellatrix Exploration Ltd. jumped 6.8 percent as energy producers surged 1.6 percent, rebounding from a 2009 low. Seven of 10 industries in the S&P/TSX increased on trading volume 14 percent higher than the 30-day average today.
Labrador Iron Ore Royalty Corp. jumped 8.6 percent as materials producers rose 0.3 percent, from a December 2008 low. Copper posted the biggest gain in two weeks.
First Quantum Minerals Ltd. dropped 4.3 percent after the mining company reported an imposed power reduction at its operations in Zambia.
The MSCI All-Country World Index, which includes emerging markets, rose 0.8 percent, after a five-day decline. The Shanghai Composite Index dropped 1.7 percent at the close in Asia, after sinking as much as 5.1 percent earlier. China is Canada’s second-largest trading partner after the U.S.