Canada Stocks Rise, Led by Gold Shares as U.S. Growth Contracts
Canadian stocks gained for a second day, led by gold producers after a report showing the U.S. economy unexpectedly shrank in the fourth quarter boosted demand for the metal as a haven asset.
CCL Industries Inc., a maker of specialty packaging, soared 12 percent after agreeing to buy two businesses from Avery Dennison Corp. Research In Motion Ltd. (RIM) rose 4.1 percent as the company prepared to unveil its BlackBerry 10 line of smartphones. Goldcorp Inc. and Kinross Gold Corp. increased at least 2 percent as gold prices rose the most in two weeks.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 13.34 points, or 0.1 percent, to 12,843.90 at 10:29 a.m. in Toronto. The benchmark gauge has gained 3.3 percent this year.
The U.S. economy dropped at a 0.1 percent annual rate, the worst performance since 2009, according to a government report today.
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