Canada Stocks Snap Two-Day Drop as Oil Rallies on Cyprus Options
Canadian stocks rose for the first time in three days as oil rallied from its biggest plunge in a month while European policy makers weighed bailout options for Cyprus.
Canadian Natural Resources Ltd. and Suncor Energy Inc. (SU), Canada’s largest oil producer, gained at least 0.4 percent. BlackBerry climbed 5.7 percent as an analyst at Morgan Stanley raised his rating on the smartphone maker’s stock. Valeant Pharmaceuticals International Inc. added 3.5 percent after agreeing to buy Obagi Medical Products Inc.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 35.90 points, or 0.3 percent, to 12,809.77 at 10:14 a.m. in Toronto. The S&P/TSX has risen 3 percent this year.
Oil climbed as much as 1.1 percent after Luxembourg’s Luc Frieden called for fellow euro-area finance ministers to assemble a new rescue package for Cyprus. The island nation rejected a levy on bank deposits yesterday, causing crude futures to tumble.
Investors also await the U.S. Federal Reserve’s latest monetary policy decision, due at 2 p.m. in New York.
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