Canadian Stocks Little Changed as Bank Gains Offset Miner SlumpEric Lam
Canadian stocks were little changed after erasing declines in the final hour of trading, as banks rallied to offset a slump in gold producers.
Royal Bank of Canada and Bank of Montreal each advanced 0.7 percent to all-time highs, as financial shares rose the most in the benchmark index. TransCanada Corp. jumped 3.3 percent after Reuters reported U.S. hedge funds are reviewing the company for a possible breakup. Penn West Petroleum Ltd. jumped 7.6 percent after completing an internal review of its accounting practices. Detour Gold Corp. retreated 6.5 percent as the metal sank to an eight-month low.
The Standard & Poor’s/TSX Composite Index rose 6.66 points, or less than 0.1 percent, to 15,465.54 at 4 p.m. in Toronto. The gauge fell as much as 0.2 percent earlier in the day, touching a one-month low. It has advanced 14 percent this year, the second-best performer among the world’s developed markets behind Denmark.
Six of 10 industries in the benchmark Canadian equity index advanced on trading volume 17 percent higher than the 30-day average at this time of day.
An index of financial stocks rose 0.5 percent for a third day of gains and record close.
Penn West jumped 7.6 percent to C$8.32. The company restated its annual financial statements as a result of the internal review while maintaining its output goals and dividend.
Air Canada climbed 4.5 percent to C$9.01. The company added baggage fees and said it may consider a share buyback or increased dividend.
Detour Gold retreated 6.5 percent to C$9.26 as raw-materials stocks dropped 1.5 percent as a group to the lowest since June. Gold declined 0.7 percent to $1,226.90 an ounce in New York.