Canadian Stocks Snap Three-Day Losing Streak as Banks Advance
Canadian stocks rose for the first time in four days, led by gains among banks, after a measure showing an increase in German investor confidence added to signs of a European economic recovery.
Royal Bank of Canada, the nation’s largest lender, and Toronto-Dominion Bank rose at least 1.1 percent. PMI Gold Corp. climbed 3.2 percent after agreeing to call off a planned merger with Keegan Resources Inc. Keegan slumped 3.2 percent. Atlantic Power Corp. dropped 2.5 percent after an analyst with RBC Capital Markets said the company may lower its dividend.
The Standard & Poor’s/TSX Composite Index rose 80.77 points, or 0.6 percent, to 12,767.40 at 9:59 a.m. in Toronto. The S&P/TSX has risen 2.7 percent this year. Canadian markets were closed yesterday for the Family Day holiday.
Investor confidence in Germany, Europe’s largest economy, jumped in February to 48.2 from 31.5 in January, the ZEW Center for European Economic Research in Mannheim said. That’s more than economists forecast and the highest level since April 2010.
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