Canada Stocks Rise as Copper Hits High on China Growth Prospects
Canadian stocks rose for a fifth day, the longest advance since February, as copper hit an 11-week high and Ukraine elected a new president.
Lundin Mining Corp. and Sherritt International Corp. advanced at least 1.8 percent. Copper rose to the highest in almost three months on speculation China’s growth is set to accelerate after the country’s premier said the government will adjust policy to help the real economy.
The Standard & Poor’s/TSX Composite Index (SPTSX) climbed 7.59 points, or 0.5 percent, to 14,715.69 at 4 p.m. in Toronto. The gauge has risen 1.4 percent in the last five days.
Base metals growth is the “wild card for the Canadian market,” said Ian Nakamoto, director of research with MacDougall, MacDougall & MacTier Inc. in Toronto, which manages C$4.7 billion ($4.3 billion). “If we get some more positive news out of China or global growth I think the Canadian market will continue to do well.”
Lundin rose 2.1 percent to C$5.98 and Sherritt rose 1.8 percent to C$4.45. Thompson Creek Metals Co., which mines copper and molybdenum, rose 3.2 percent to C$3.23.
Inter Pipeline Ltd. and Enbridge Inc. dropped at least 0.8 percent, the most among energy companies as crude oil fell amid speculation that the new Ukrainian president may help ease tensions with Russia.
Petro Poroshenko won the Ukrainian presidential election in the first round of voting, eliminating the need for a longer campaign. He said he would work with Russia to bring a quick end to the crisis in the country’s east.
Manulife Financial Corp. rose 1.3 percent to C$20.30 after Canaccord Genuity Corp. began analyst coverage of the insurer with a buy rating and a price target of C$22.
Tweed Marijuana Inc. (TWD) gained 8.5 percent to C$3.05, its biggest jump in more than a month.
Canadian Tire Corp. rose 1.7 percent to C$105.20 after announcing a “multi-million” dollar deal with sports broadcaster TSN to make branded content for the retailer. TSN is owned by BCE Inc.
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