Canada Stocks Gain on Low Independence Day Trading Volume
Canadian stocks rose for the sixth time in seven days as industrial and financial companies pushed the benchmark index to a record.
Canadian Pacific Railway Ltd. and Air Canada rose at least 1.5 percent to pace gains among industrial companies. Lassonde Industries Inc. (LAS/A) rose to a record after agreeing to buy Apple & Eve LLC.
The Standard & Poor’s/TSX Composite Index (SPTSX) gained 7.85 points, or 0.1 percent, to 15,214.96 at 4 p.m. in Toronto. Six of 10 industries on the index gained.
Volume was 64 percent lower than the average over the last 30 days as the U.S. celebrated the Independence Day holiday.
Industrial companies rose the most, increasing 0.6 percent. Canadian Pacific gained 1.5 percent to C$198.95 and Air Canada rose 2.6 percent to C$10.05.
Lassonde jumped 7.4 percent to C$118.03, closing at the highest price since September 1988, after the producer of food products from barbecue sauce to baked beans announced it was buying a 90 percent stake in juice-maker Apple & Eve.
Lundin Petroleum AB fell 0.8 percent to C$21.18 as the company said it would sell part of one of its Norway offshore oil properties.
Fighting in eastern Ukraine between government troops and pro-Russian rebels continued after a 10-day cease-fire ended.
To contact the reporter on this story: Gerrit De Vynck in Toronto at firstname.lastname@example.org
To contact the editors responsible for this story: Lynn Thomasson at email@example.com Jacqueline Thorpe