Canada Stocks Extend Longest Rally Since ’95 as Quebecor Climbs
Quebecor surged 7.8 percent after spending C$233 million ($210 million) yesterday to buy wireless spectrum in four provinces. Rogers Communications Inc., which spent the most in the wireless auction, dropped 1.6 percent. TransAlta Corp. (TA) sank 11 percent as it slashed its dividend and agreed to sell its stake in a U.S. electricity generation company to raise cash. Tim Hortons Inc. and CCL Industries Inc. rose at least 1.7 percent after the companies boosted their dividends.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 39.81 points, or 0.3 percent, to 14,159.54 at 10:15 a.m. in Toronto. The benchmark equity gauge has jumped 5 percent in 12 days for the longest rally since March 1995. The index is trading at its highest level since 2011.
The S&P/TSX is 0.8 percent below its peak of 14,270.53 reached on April 5, 2011, the highest level since June 2008. Of the 241 stocks in the benchmark Canadian equity gauge, 159 have advanced this year. The S&P/TSX trades at 19.5 times earnings, its highest valuation since April 2011, according to data compiled by Bloomberg.
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