Canada Stocks Advance Most in 5 Weeks as BlackBerry, Oil RallyEric Lam
Canadian stocks advanced the most in five weeks, rebounding from a three-month low, as Bombardier Inc. and BlackBerry Ltd. rallied while crude producers climbed on speculation U.S. economic growth will increase demand.
Bombardier jumped the most since April after signing a firm purchase agreement with Macquarie AirFinance to sell at least 40 C-Series aircraft. BlackBerry Ltd. added 5.2 percent after reporting a narrower loss than analysts’ projected and selling out its new Passport smartphone. Toronto-Dominion Bank, the nation’s largest lender, gained 1 percent as banks snapped a five-day loss. Torex Gold Resources Inc. and B2Gold Corp. retreated more than 1.9 percent to pace declines among raw-materials stocks.
The Standard & Poor’s/TSX Composite Index added 133.20 points, or 0.9 percent to 15,026.77 at 4 p.m. in Toronto, the most since Aug. 19. The benchmark equity gauge lost 1.6 percent in the past five days, its fourth straight weekly decline, the longest losing streak this year.
BlackPearl Resources Inc. jumped 4.7 percent to C$2.23 and RMP Energy Inc. climbed 3.4 percent C$6.96 as energy stocks rallied 1.3 percent as a group. Crude in New York surged 1.1 percent, capping the biggest weekly gain in a month.
The U.S. economy grew a revised 4.6 percent in the second quarter, up from a previous estimate of 4.2 percent. Busier assembly lines at the nation’s factories and job growth that’s kept Americans spending indicate companies are a bit more upbeat about the prospects for demand.
Torex Gold declined 1.9 percent to C$1.52 and B2Gold lost 3.8 percent to C$2.27 as the S&P/TSX Materials Index fell 0.1 percent.
BlackBerry rose 5.2 percent to C$11.44, snapping a three-day loss. The smartphone maker has sold 200,000 of its new square-screen Passport phone in its debut this week and reported a net loss of 2 cents a share, ahead of the 16-cent deficit forecast by analysts.