Canada Stocks Rise for Fourth Day as Miners AdvanceGerrit De Vynck
Canadian stocks rose for a fourth day, bringing the benchmark index to within 20 points of its closing record, as gains among raw-material producers offset losses in energy stocks.
Centerra Gold Inc. and Pan American Silver Corp. rose at least 2.4 percent to pace gains among materials companies. Kelt Exploration Ltd. gained 7.1 percent after saying it would buy property in the Montney natural gas area.
The Standard & Poor’s/TSX Index rose 15.46 points, or 0.1 percent, to 15,055.89 at 4 p.m. in Toronto. The benchmark gauge briefly surpassed its closing high of 15,073.13 set in June 2008. The gauge has rallied 11 percent this year, boosted by rallies among commodity stocks.
Producers of raw materials advanced 0.5 percent today. Centerra gained 3.4 percent to C$5.25 and Pan American increased 2.4 percent to C$15.02.
First Quantum Minerals Ltd. fell 1.6 percent to C$21.30 after saying it was in a pact to buy Lumina Copper Corp. for $470 million in cash and shares.
Energy companies retreated as oil futures slipped from near a nine-month high.
Kelt Exploration, an oil and gas producer, gained 7.1 percent to C$15.15. RBC Asset Management raised its target price on the stock after the announcement.