Canada Stocks Rise as Tensions Ease in Ukraine on Putin RemarksEric Lam
Canadian stocks rose for the fourth day out of five, joining gains in global markets amid signs of easing tensions in Ukraine after Russian President Vladimir Putin said he will work to end the conflict.
Badger Daylighting Ltd., a construction services company, rallied 6.4 percent after slumping the most in 18 years yesterday on lower margins. Element Financial Corp., a transportation leasing business, added 4.2 percent for a second day of gains after reporting rising revenue. Royal Bank of Canada advanced 0.8 percent to pace gains among the nation’s largest lenders.
The Standard & Poor’s/TSX Composite Index rose 28.45 points, or 0.2 percent, to 15,291.18 at 4 p.m. in Toronto. The benchmark equity gauge has climbed 12 percent this year, the second-best performer among the world’s developed markets behind Denmark.
The MSCI World Index added 0.4 percent as Putin, visiting Crimea today, pledged to work to halt the conflict that’s flared for months between pro-Russian separatists and government forces, killing more than 1,500 people.
Eight of 10 industries in the S&P/TSX advanced on trading volume 7.4 percent lower compared with the 30-day average.
Financial stocks, which account for the biggest weighting in the broader index, added 0.6 percent. Element Financial climbed 4.2 percent to C$14.83, a four-month high. Royal Bank, the second-largest lender by assets, rose 0.8 percent to C$80.18 for a fourth day of gains. Royal Bank is scheduled to report third-quarter earnings on Aug. 22.
First Quantum Minerals Ltd. lost 2 percent to C$23.97, the lowest in six weeks, as copper prices fell to a seven-week low in New York. Output in China rose to the highest since November.
The Bloomberg Commodity Index of 22 raw materials dropped 0.5 percent, erasing gains for the year. Lean hogs, Brent crude and gasoline fell at least 1.6 percent.
Penn West Petroleum Ltd. dropped 4.2 percent to C$7.75. Crude futures for September delivery in New York slid 2.1 percent amid speculation U.S. oil demand is slowing after a government report showed weekly inventories expanded for the first time since June.