Canada Stocks Rise as Energy, Industrial Shares AdvanceGerrit De Vynck
Canadian stocks rose, erasing an early decline, as energy and industrial stocks pushed the benchmark index higher for a second straight day.
Enerflex Ltd. and Enerplus Corp. added at least 2.6 percent to pace gains among energy companies. Perpetual Energy Inc. jumped 20 percent after it got a rating upgrade and announced a new joint venture. AutoCanada Inc. dropped 4.5 percent a day after announcing it would sell C$350 million in new shares.
The Standard & Poor’s/TSX Composite Index rose 56.09 points, or 0.4 percent, to 15,030.74 at 4 p.m. in Toronto. The gauge is up 10 percent for the year, and closed at a record June 19.
Industrial companies gained the most among 10 groups in the benchmark index, rising 0.7 percent. Air Canada and WestJet Airlines Ltd. rose at least 2.6 percent to pace gains in the group.
Perpetual Energy jumped 20 percent to C$1.96 as Canadian Imperial Bank of Commerce raised its rating to the equivalent of buy from the equivalent of hold. Perpetual also announced a $120 million joint venture to pump natural gas in Alberta.
AutoCanada fell 4.5 percent to C$79.38. The car dealership owner announced a stock offering yesterday, saying it would sell new shares for C$78. AutoCanada is up 73 percent this year.
QLT Inc. jumped 14 percent to C$6.59 after Auxilium Pharmaceuticals Inc. said it would buy the company in a $345 million stock transaction. The deal allows Auxilium, a specialty drug company based in Chesterbrook, Pennsylvania, to re-domicile in Canada and take advantage of the country’s tax rate.
Concordia Healthcare Corp. gained 3.2 percent to C$32.75 after its chief executive officer said it had already had one company approach the drugmaker with a merger deal and was still a target.
Lumenpulse Inc. rose 2.6 percent to C$21.10 after saying it would buy assets from U.K.-based Projection Lighting Ltd. for GBP16.6 million.