Canada Stocks Rise a 2nd Day on Crude Rally, Restated Jobs DataEric Lam
Canadian stocks rose, extending a two-week high, as corrected data that showed the economy added more jobs in July than initially reported and crude prices jumped the most in a month on tension in Ukraine.
Advantage Oil & Gas Ltd. jumped 5 percent after reporting rising production and lower costs. Painted Pony Petroleum Ltd. and Suncor Energy Inc. rallied at least 2.4 percent as oil producers snapped a three-day loss. Alacer Gold Corp. and B2Gold Corp. lost at least 1 percent as the price of gold dropped the most this month.
The Standard & Poor’s/TSX Composite Index rose 13.03 points, or 0.1 percent, to 15,304.21 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.
Painted Pony added 3.3 percent to C$12.40 and Suncor rose 2.4 percent to C$42.95, the most since June 12, as energy stocks climbed 0.9 percent as a group. Four of 10 industries in the S&P/TSX advanced on trading volume 4.9 percent below the 30-day average.
West Texas Intermediate crude for September delivery jumped 1.9 percent to settle at $97.35 a barrel in New York, the biggest gain since July 17.
Ukraine said its troops attacked and partially destroyed a column of armed vehicles that had crossed the border from Russian territory, while Russia said it was concerned about an attack on another convoy carrying aid.
Alacer Gold lost 2.5 percent to C$2.36 and B2Gold slipped 1 percent to C$2.89. Gold for December delivery retreated 0.7 percent to $1,306.20 an ounce in New York, the biggest drop since July 31.
Canadian employment rose by 41,700 in July, Statistics Canada said today, after it retracted incorrect figures from a week ago that showed a gain of 200 positions.
The jobs report revisions reduced the full-time job loss to 18,100 from 59,700 and raised the employment gain in the province of Ontario to 39,500 from 15,100. Staff failed to run a program that is part of a scheduled update to the survey, leaving uncounted workers who should have been classified as full-time employees, Statistics Canada said in the report.
Imperial Metals Corp. rallied 16 percent to C$10.11 after disclosing a plan to raise C$100 million by selling convertible bonds to help pay for the cleanup at its Mount Polley mine, the scene of the worst waste spill in Canada in at least two decades.
British Columbia officials are investigating the Aug. 4 failure of a dam at the waste pond at Mount Polley. The resulting torrent of waste poured into local waterways, leaving local people without drinking water. The stock has slumped 40 percent since the accident.