Canada Stocks Rise a 5th Day as Commodity Producers GainEric Lam
Canadian stocks rose a fifth day, extending a September high, as gold miners advanced while energy producers rallied with the price of crude.
Nevsun Resources Ltd. surged 11 percent amid speculation mining fund QKR Corp. will make a bid of about $1 billion for the miner. Alacer Gold Corp. and Detour Gold Corp. increased at least 4.6 percent as producers of the metal advanced for the fourth time in five sessions. Metro Inc. dropped 2.6 percent after rallying yesterday to a record.
The Standard & Poor’s/TSX Composite Index rose 95.03 points, or 0.6 percent, to 15,075.18 at 4 p.m. in Toronto, the highest since Sept. 24. The Canadian benchmark equity gauge has climbed in 11 of the past 12 sessions for a 4.8 percent gain since Nov. 4.
Six of the 10 industries in the index rose today on trading 8 percent below the 30-day average. Energy and materials producers gained at least 1.9 percent to pace advances.
Lightstream Resources Ltd. surged 21 percent to C$3.38 and Bankers Petroleum Ltd. added 7.9 percent to C$4.62. Crude in New York and London advanced for the first time in four days.
Alacer Gold climbed 4.6 percent to C$2.29 and Detour Gold rose 5.1 percent to C$9.72 as the S&P/TSX Gold Index jumped 3.1 percent.
Nevsun gained 11 percent to C$4.72, the biggest advance since July 2012. QKR, headed by former JPMorgan Chase & Co. banker Lloyd Pengilly and funded by Qatar’s sovereign wealth fund, is reportedly in ongoing negotiations with the Vancouver-based firm, according to people familiar with the situation.