Canada Stocks Rise as Commodities Rally With Crude, GoldEric Lam
Canadian stocks rose, after capping the first quarterly increase in three yesterday, as commodities advanced with oil and gold prices rallying the most in two months.
Pacific Rubiales Energy Corp. climbed 9.6 percent after the company said it is holding investor meetings. Bankers Petroleum Ltd. and Meg Energy Corp. added more than 3.7 percent as crude oil reversed an earlier loss. Barrick Gold Corp. and New Gold Inc. surged at least 9.2 percent as gold advanced. Labrador Iron Ore Royalty Corp. tumbled 1.3 percent as iron ore slumped on prospects of a widening global glut.
The Standard & Poor’s/TSX Composite Index rose 40.11 points, or 0.3 percent, to 14,942.55 at 4 p.m. in Toronto. The benchmark equity gauge rose 1.9 percent in the first quarter.
Raw-materials producers gained 2.7 percent and energy shares increased 0.4 percent, as four industries among 10 in the S&P/TSX advanced. Trading volume was 3.8 percent lower than the 30-day average.
Eldorado Gold Corp. jumped 7.6 percent and Iamgold Corp. increased 8.5 percent as gold climbed the most in two months to top $1,200 an ounce after a private report showed companies in the U.S. added fewer workers than forecast in March. Government jobs data will be released on Friday.
Crescent Point Energy Corp. increased 3 percent and Canadian Oil Sands Ltd. gained 3.6 percent. Crude oil in New York climbed 5.2 percent to $50.09 a barrel, the most in two months. U.S. crude output dropped from the highest level in more than three decades.