Canada Stocks Rise for Third Day as Gold Offsets Energy Slump
Canadian stocks rose a third day as gold miners advanced to pace gains among raw-materials stocks while crude slipped to send energy producers lower.
Pretium Resources Inc. and Torex Gold Resources Inc. rallied at least 4.2 percent. Legacy Oil & Gas Inc. retreated 3.4 percent as Brent crude fell to a 13-month low. Teck Resources Ltd. (TCK/B) dropped 2.5 percent after analysts at Goldman Sachs & Co. cut their rating for the stock.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 12.59 points, or 0.1 percent, to 15,274.23 at 4 p.m. in Toronto. The benchmark equity gauge has climbed 12 percent this year, the second-best performer among the world’s developed markets behind Denmark.
Six of the 10 main industries in the S&P/TSX advanced on trading volume 5.8 percent lower than the 30-day average.
Raw-materials producers jumped 0.9 percent for the biggest advance, as gold fluctuated around $1,310 an ounce in New York. Gold has rallied 9 percent this year amid concern crises in Ukraine and Iraq could disrupt global growth.
Pretium advanced 4.2 percent to C$7.89, the highest in three weeks, and Torex increased 6.6 percent to C$1.62.
A Russian humanitarian mission was headed toward eastern Ukraine after the U.S. warned President Vladimir Putin not to use aid as a cover to send in troops.
Iraq’s political crisis deepened as embattled Prime Minister Nouri al-Maliki refused to hand power to designated successor Haidar al-Abadi, and soldiers and militiamen fanned out across the capital, Baghdad.
Energy shares slipped 0.3 percent, as Brent oil slumped after the International Energy Agency said a supply glut was shielding the market against threats in the Middle East.
Legacy Oil dropped 3.4 percent to C$7.87, and Painted Pony Petroleum Ltd. retreated 5.6 percent to C$11.63.
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