Canada Stocks Rise Most in Month on Optimism Over U.S. Debt Deal
Canadian stocks rose the most in a month as energy companies rallied amid signs that U.S. lawmakers could reach an agreement to increase the debt ceiling and avoid a default.
Canadian Natural Resources Ltd. (CNQ) and Suncor Energy Inc. gained at least 1.2 percent as energy stocks surged. Twin Butte Energy Ltd. jumped 6.4 percent after agreeing to buy Black Shire Energy Inc. for C$358 million ($345 million). Royal Bank of Canada, the nation’s largest lender, climbed 1 percent, headed for a record high. Air Canada added 4.3 percent, headed for the highest close in almost five years.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 124.71 points, or 1 percent, to 12,855.04 at 10:21 a.m. in Toronto. The index is up 3.4 percent this year.
House Republican and Senate Democratic leaders in the U.S. are open to an increase in the $16.7 trillion debt ceiling, according to congressional aides. Both sides are weighing a potential short-term increase in the debt limit.
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