Canadian Stocks Rise a 2nd Day on Oil, Consumer SharesEric Lam
Canadian stocks rose a second day, as energy producers rallied with consumer shares to cap the benchmark gauge’s best weekly advance in two months.
Canadian Oil Sands Ltd. climbed 5.8 percent to pace gains among oil producers. Cogeco Cable Inc. added 1.9 percent after analysts at Macquarie Bank Ltd. increased their rating for the stock to the equivalent of a buy. Royal Bank of Canada, the nation’s largest lender, added 0.7 percent.
The Standard & Poor’s/TSX Composite Index rose 84.07 points, or 0.6 percent, to 15,026.62 at 4 p.m. in Toronto. The benchmark equity added 1.5 percent in the four days, the best week since Feb. 6. Canadian markets will be closed for Friday for a holiday.
Painted Pony Petroleum Ltd. gained 3.2 percent and Suncor Energy Inc. rallied 3.8 percent as energy producers jumped 1.5 percent as a group, the most in the S&P/TSX. Eight of 10 industries in the broader gauge advanced on trading volume 19 percent lower than the 30-day average.
Suncor expects C$600 million to C$800 million in operating budget cuts to be “substantially” realized in 2015, ahead of previous two-year projections. Suncor and other energy producers have been forced to slash costs in reaction to the more than 50 percent slump in the U.S. benchmark crude price from last year’s peak.
Consumer products producers and retailers rallied at least 1.2 percent, for the next biggest gains in the S&P/TSX.