Canada Stocks Extend Record as Miners Jump on Gold RallyGerrit De Vynck
Canadian stocks rose for the sixth day, extending an all-time high, as miners rallied after precious metals prices surged.
Fortuna Silver Mines Inc. and OceanaGold Corp. jumped more than 11 percent as gold gained the most in nine months and silver rallied to a 13-week high. BlackBerry added 9.3 percent, the most since January, after reporting a narrower first-quarter loss than analysts estimated. Cameco Corp. fell 1.9 percent as Raymond James cut its rating on the stock.
The Standard & Poor’s/TSX Index rose 3.02 points, or less than 0.1 percent, to 15,112.22 at 4 p.m. in Toronto after closing at a record yesterday. The gauge has advanced 14 of the past 15 sessions and is up 11 percent this year.
Raw-material producers rose 2.9 percent, the most among 10 industries in the index, for its biggest jump since February.
Gold climbed 3.3 percent to settle at $1,314.10 an ounce in New York. Silver soared 4.4 percent and zinc rose to the highest level in almost 16 months.
Fortuna Silver Mines rose 16 percent and Silvercorp Metals Inc. rose 12 percent to pace gains among miners. Barrick Gold Corp., the world’s biggest gold producer, rose 3.3 percent to C$19.50.
BlackBerry gained 9.3 percent to C$9.84 after saying it lost 11 cents a share in its fiscal first quarter. Analysts surveyed by Bloomberg estimated a loss of 25 cents. Chief Executive Officer John Chen said he’s stabilized the struggling company enough to now set his sights on growth.
Enbridge Inc. dropped 1.1 percent to C$50.82 after saying its Stingray pipeline in the Gulf of Mexico would be offline until as least June 20. The operator of crude and gas pipelines also announced its chief financial officer, Richard Bird, plans to retire by the end of the year.
Cameco fell 1.9 percent to C$21.16 as Raymond James cut its rating on the uranium miner to market perform, the equivalent of hold, from outperform.
Canyon Services Group Inc. increased 4.9 percent to C$18.12 after saying it was buying Fraction Energy Services Ltd. for C$101.7 million.