Canada Stocks Rise, Capping a 3rd Monthly Gain on GDPEric Lam
Canadian stocks rose to a record, snapping a two-day loss as oil producers advanced with data showing the nation’s economic growth rebounded to the fastest in almost three years on rising exports.
Canadian Energy Services & Technology Corp. increased 2.5 percent after agreeing to an acquisition. Bellatrix Exploration Ltd. and Bankers Petroleum Ltd. rallied more than 1.9 percent as crude posted the first weekly gain in more than a month. Toronto-Dominion Bank, the nation’s largest lender by assets, fell 0.4 percent to extend losses a second day after reporting earnings.
The Standard & Poor’s/TSX Composite Index rose 67.56 points, or 0.4 percent, to 15,625.73 at 4 p.m. in Toronto. The benchmark Canadian equity gauge last closed at a high Aug. 26. The market will be closed on Sept. 1 for the Labor Day holiday.
The Canadian index has advanced 1.9 percent this month, for a third straight gain. The S&P/TSX has surged 15 percent this year, making it the second-best performer among developed equity markets behind Denmark.
Trading volume in the S&P/TSX was in line with the 30-day average today as eight of 10 industries advanced.
The Canadian economy rose at a 3.1 percent annualized pace from April to June, Statistics Canada said today in Ottawa, faster than the 2.7 percent economists forecast in a Bloomberg survey. Exports surged 17.8 percent on gains in automobiles, farm and forest products.
Canadian Energy Services & Technology added 2.5 percent to C$10.82 after agreeing to buy the production and specialty chemical business assets of Southwest Treating Products LLC. Terms were not disclosed.
Bellatrix Exploration added 2.3 percent to C$8.42 and Bankers Petroleum rose 1.9 percent to C$6.60 as West Texas Intermediate crude capped its first weekly gain in more than a month.
Cameco Corp. rallied 1.2 percent to C$21.26, snapping a three-day loss as raw-materials stocks rose 0.9 percent as a group, the most in the S&P/TSX. The uranium producer prepared to shut down its McArthur River mine, the world’s largest source of the nuclear fuel due to a dispute with workers.