Canada Stocks Rise to 3-Week High as Materials Offset OilEric Lam
Canadian stocks rose to a three-week high, as a gain in raw-materials shares offset a decline among energy producers during a holiday-shortened session.
Alacer Gold Corp. jumped 11 percent to pace gains among miners, while Sherritt International Corp. increased 5.9 percent. Trilogy Energy Corp. and Bankers Petroleum Ltd. lost at least 2.7 percent as energy shares declined. Canaccord Genuity Group Inc. added 3.8 percent to pace gains among financial stocks.
The Standard & Poor’s/TSX Composite Index rose 13.28 points, or 0.1 percent, to 14,607.31 at 1 p.m. in Toronto. The index has gained 7.2 percent for the year, on pace for a third straight annual advance, the longest streak since 2007.
Raw-materials producers advanced 1.6 percent as six of the 10 main industries in the S&P/TSX climbed on trading 50 percent lower than the 30-day average. The Toronto Stock Exchange closed at 1 p.m. for Christmas Eve and will remain closed for Christmas and Boxing Day.
Bankers Petroleum fell 2.8 percent to C$3.18 and Trilogy Energy lost 3.6 percent to C$8.25 as 52 of 66 members of the S&P/TSX Energy Index retreated. The group has tumbled 7.6 percent this year, the worst-performing industry in the broader S&P/TSX.
Oil slid from the highest close in more than a week amid concern the strengthening U.S. economy won’t boost demand enough. West Texas Intermediate fell as much as 3.6 percent in New York.
The S&P/TSX surged 5.4 percent last week, the most since July 2009, as equities worldwide climbed as oil prices stabilized and Federal Reserve Chair Janet Yellen said the U.S. central bank will probably hold rates near zero at least through the first quarter.