Canada Stocks Surge Most in 4 Years on Oil Rally, Price Data
- S&P/TSX rebounds most since 2011, two weeks after bear market
- Energy and materials lead index higher as commodities rally
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A rally in the price of crude oil and speculation central banks around the world are prepared to tamp down financial-market volatility fueled the biggest gain since November 2011 for Canadian stocks.
The Standard & Poor’s/TSX Index jumped 2.9 percent to 12,389.58 at 4 p.m. in Toronto, capping the gauge’s first weekly gain of the year. Nine of the index’s 10 main industries rose more than 1.1 percent, with energy, utility and industrial shares the biggest gainers. The S&P/TSX, which entered a bear market two weeks ago, fell on Wednesday to its lowest level since August 2012. It’s down 4.8 percent in 2016.