Canada Stocks Rise as Crude Rallies Amid U.S. Housing, Jobs Data
Canadian stocks rose as crude advanced after U.S. reports showed housing starts climbed more than anticipated in December and initial jobless claims dropped to a five-year low.
Canadian Natural Resources Ltd. (CNQ) gained 0.9 percent as oil touched a four-month high. Ivanplats Ltd. climbed 1.7 percent after more than doubling resource estimates at its Kamoa copper mine. H&R Real Estate Investment Trust (HR-U) slumped 3.6 percent as it offered to acquire Primaris Retail Real Estate Investment Trust, trumping a hostile offer from another investor group.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 22.27 points, or 0.2 percent, to 12,631.09 at 10:04 a.m. in Toronto. The benchmark gauge has gained 1.5 percent this year.
U.S. Commerce Department figures showed housing starts rose 12.1 percent in December to a 954,000 annual rate, exceeding all forecasts in a Bloomberg survey and the most since June 2008. Initial jobless claims fell 37,000 to 335,000 last week, the lowest since January 2008, Labor Department figures showed.
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