Canadian Stocks Rise on Earnings, Weaker U.S. Dollar; RIM Sinks
Canadian stocks rose as companies including Cliffs Natural Resources Inc., Caterpillar Inc. and Canadian Oil Sands Ltd. beat analysts’ earnings estimates and metals producers gained on a weaker U.S. dollar.
Canadian Oil Sands, the largest owner of the Syncrude project, advanced 1.9 percent. BlackBerry maker Research In Motion Ltd. (RIM) plunged 13 percent after at least five analysts reduced their ratings on the shares. Barrick Gold Corp. (ABX), the world’s largest gold producer, increased 0.6 percent as the U.S. dollar slipped for a ninth day.
The Standard & Poor’s/TSX Composite Index climbed 21.26 points, or 0.2 percent, to 13,915.66 at 9:46 a.m. in Toronto. Among S&P/TSX stocks, 148 rose, 84 declined and 16 were unchanged.
The index has lost 1.4 percent this month, or 1.2 percent with dividends included, for the first negative total return since June. The streak of positive returns was the longest since 1983. Energy and financial companies have led the decline as data and forecasts indicated a slowing recovery in the U.S., which bought 75 percent of Canadian exports last year, according to Statistics Canada.
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