- Telecommunications provider gains as profit tops expectations
- Metals producers advance as gold rebounds from three-week low
Telecommunications operator Rogers Communications Inc. rallied to a record, and gold producers rebounded to send Canadian stocks higher for a second day.
The S&P/TSX Composite Index rose 0.2 percent to 14,565.83 at 4 p.m. in Toronto, in trading volume 26 percent lower than the 30-day average. Canadian stocks are more expensive than their U.S. peers, with a price-earnings ratio of 22.4 for the S&P/TSX, about 11 percent higher than the S&P 500 Index.
Rogers added 3.9 percent, the most since October, after second-quarter earnings topped analysts’ estimates. Wireless customers jumped 171 percent. Rogers is the second-largest media and telecommunications company in Canada.
Raw-materials producers increased 2.1 percent, rebounding after slumping the most since May yesterday. Barrick Gold Corp. and Kinross Gold Corp. added at least 2.7 percent as gold prices advanced from the lowest level in three weeks. The S&P/TSX Global Gold Index increased 2.9 percent, for its biggest gain since July 4.
Mining stocks have fueled Canada to the second-best performance among developed markets this year with a 12 percent advance, trailing only New Zealand. The group has rallied 56 percent increase amid a rebound in gold prices, the best such performance for the group in at least 30 years, according to data compiled by Bloomberg.
BlackBerry Ltd. added 1.6 percent for a second day of gains. The Waterloo, Ontario-based technology company is hosting a live event July 26, and is expected to unveil a new smartphone. Chief Executive Officer John Chen has said he’ll unveil two phones between now and March 2017.
Encana Corp. climbed 3.6 percent, paring an earlier gain after touching the highest level since October, as the oil and gas producer posted an unexpected second-quarter operating profit and boosted its production outlook. Oilfield services company Mullen Group Ltd. jumped the most in more than a decade on earnings. The broader gauge of oil producers however slipped 0.1 percent as a group as crude prices fell in New York.