Canada Stocks Rise, Capping Best Week in Month, as Energy GainsEric Lam
Canadian stocks rose, sending the benchmark index to its biggest weekly advance since July 19, after energy producers advanced amid increased turmoil in Egypt.
Bankers Petroleum Ltd. climbed a fourth day to the highest level in a year. Endeavour Silver Corp. rose 2.1 percent as silver prices rallied for a seventh straight day, the longest streak since January. BlackBerry Ltd. fell 3.9 percent.
The Standard & Poor’s/TSX Composite Index rose 32.40 points, or 0.3 percent, to 12,736.92 at 4 p.m. in Toronto. The index gained 1.6 percent for the week.
“We have people who had been busy selling commodities, and we’re in the kind of market where that can turn on a dime and now they’re jumping back in,” said David Cockfield, fund manager with Northland Wealth Management in Toronto. The firm manages about C$200 million ($193 million). “The market is very sensitive right now and everybody is watching everybody else.”
Energy stocks gained 0.7 percent as a group as six of 10 industries advanced in the S&P/TSX. Trading volume was 7.6 percent higher than the 30-day average at this time of the day.
Bankers Petroleum jumped 5.7 percent to C$3.51, the highest close since May 2012. Suncor Energy Inc., Canada’s largest oil producer, added 1 percent to C$35.33.
Crude rose 13 cents to settle at $107.46 a barrel in New York. Oil futures have advanced for six straight sessions, the longest streak since April, as clashes in Egypt raised concern that Middle East supply will be cut. Thousands of people poured into the streets in Egypt today to protest the killing of supporters of ousted president Mohamed Mursi.
Algonquin Power & Utilities Corp. increased 3.7 percent to C$6.94 after Sean Steuart, analyst with TD Securities, raised his rating for the stock to buy from hold. Algonquin owns and invests in renewable power assets across North America.
Centerra Gold Inc. rose 0.3 percent to C$6.22, paring an earlier rally of 6.1 percent. The company advanced for an eighth day of gains, the longest streak since January 2008. New Gold Inc. increased 2.2 percent to C$7.97. Gold for December delivery gained 0.7 percent to settle at $1,371, the highest in two months.
Endeavour Silver added 2.1 percent to C$5.44. Silvercorp Metals Inc. increased 1.8 percent to C$3.95, rising for an eighth day.
Silver rose 1.7 percent to $23.372 an ounce in New York. The precious metal climbed 15 percent this week.
BlackBerry dropped 3.9 percent to C$10.86. Chief Executive Officer Thorsten Heins stands to make $55.6 million if he sells the company and is ousted, according to a May proxy filing.
The smartphone maker, which has seen its market share erode against competitors including Apple Inc. and Google Inc., announced on Aug. 12 it would form a board committee to investigate a potential sale, joint venture or strategic partnerships. The stock has jumped 8.4 percent this week.