Canadian Stocks Rise on Retailers and Banks as Economy Rallies
Canadian stocks rose, after posting the biggest weekly gain since July, as data showed the nation’s economy grew a fourth straight month, led by gains in manufacturing and wholesale trade.
Reitmans Canada Ltd. (RET/A) rallied 6.9 percent after Fairfax Financial Holdings Ltd. acquired shares of the clothing retailer. Toronto-Dominion Bank, the nation’s largest lender, gained 0.5 percent. Niko Resources Ltd. surged 23 percent for a second day of gains after raising cash through a private placement. Centerra Gold Inc. fell 3.5 percent to pace losses among gold miners.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 15.07 points, or 0.1 percent, to 13,414.67 at 10:28 a.m. in Toronto. The benchmark equity gauge has risen 7.9 percent this year, the fourth-worst performer among developed markets ahead of Austria, Hong Kong and Singapore.
Canada’s gross domestic product rose 0.3 percent in October. Analysts surveyed by Bloomberg had forecast a 0.2 percent expansion, based on the median of 15 estimates.
Gold futures fell 0.8 percent in New York on speculation less stimulus from the Federal Reserve and an improving U.S. economy will cut demand for bullion as a protection of wealth.
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