Canadian Stocks Little Changed Following Weekly GainGerrit De Vynck
Canadian stocks were little changed as losses in telephone companies offset an advance among raw-materials producers.
A group of telephone companies fell 0.6 percent as Macquarie Group Ltd. said the industry will face higher operating risks because of regulation in the next few years. Commodity shares gained 1.1 percent, the most among 10 industries, as copper rose for a seventh day. SNC Lavalin Group Inc. rose 1.7 percent after saying it would buy Kentz Corp. for 1.16 billion pounds ($1.97 billion), shoring up its oil industry engineering capability.
The Standard & Poor’s/TSX Index fell 3.34 points, or less than 0.1 percent, to 15,105.63 at 4 p.m. in Toronto. The gauge is up 3.4 percent this month.
Pretium Resources Inc. rose 7.2 percent to C$8.63 and Fortuna Silver Mines Inc. gained 4.3 percent to C$5.89 to pace gains among raw-material stocks.
Canadian Finance Minister Joe Oliver said the country’s inflation rate will stay near the central bank’s 2 percent target after an unexpected jump in May.
SNC Lavalin, Canada’s largest engineering company, gained 1.7 percent to C$53.31 after announcing the deal. SNC Lavalin said it expects Kentz to contribute to earnings within the first year.
HudBay Minerals Inc. fell 2.3 percent to C$10.05 after saying it would buy August Resource Corp. for about C$436 million. The company already controls 16 percent of Augusta, according to data compiled by Bloomberg. Augusta gained 7.5 percent to C$3.44.
Aecon Group Inc. rose 5 percent to C$16.58 after getting a C$123 million contract from Fort Hills Energy LP to develop a project in the Alberta oil sands.
Lonestar West Inc., an oil services company, gained 2.4 percent to C$3.86 after buying assets from Vamp Oilfield Services Inc. for C$9.77 million.
BlackBerry Ltd. gained 3.2 percent to C$10.85 after Evercore Partners LLC raised its rating on the smartphone maker to equalweight, the equivalent of hold, from underweight.