Canada Stocks Rise as Agnico Eagle, Teck Earnings Top Estimates
Canadian stocks rose, after yesterday snapping six days of gains, as resource companies including Agnico Eagle Mines Ltd. reported improving earnings and manufacturing in China grew more than forecast.
Agnico Eagle and Goldcorp Inc. rallied at least 3.5 percent as both gold-mining companies reported better-than-projected earnings. Teck Resources Ltd. (TCK/B), Canada’s largest diversified miner, advanced 6.1 percent as profit rose on increasing coal sales. Potash Corp. of Saskatchewan Inc. lost 3.7 percent after disclosing pricing for the fertilizer plunged in the past quarter. Wi-Lan Inc. (WIN) plunged 24 percent after losing a patent suit against Apple Inc.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 32.51 points, or 0.3 percent, to 13,275.83 at 9:43 a.m. in Toronto. The benchmark Canadian equity gauge has advanced 6.7 percent this year.
A preliminary purchasing managers’ index reading for China of 50.9 came in ahead of a 50.4 median estimate from analysts surveyed by Bloomberg. Readings above 50 indicate expansion.
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