Canadian Stocks Rise a Sixth Day as Oil Producers ReboundEric Lam
Canadian stocks rallied a sixth day, for the highest closing level since September, as energy producers advanced after oil rebounded from the biggest one-day decline in two months.
Brookfield Asset Management Inc. gained 2.1 percent after the company said it will increase its dividend and split its stock 3-for-2. Canadian Oil Sands Ltd. and Pengrowth Energy Corp. increased at least 3.5 percent as oil rallied. Hudson’s Bay Co. lost 3.4 percent after two investors sold shares of the retailer.
The Standard & Poor’s/TSX Composite Index climbed 112.71 points, or 0.7 percent, to 15,326.31 at 4 p.m. in Toronto. The equity gauge has advanced 2.8 percent over six days and is up 4.7 percent for the year.
Suncor Energy Inc. increased 1.4 percent and Canadian Natural Resources Ltd. rose 1.3 percent as energy producers increased 1.4 percent as a group, the most in the S&P/TSX. Nine of 10 industries in the benchmark Canadian equity gauge rose on trading volume 3.5 percent lower than the 30-day average.
Crude futures climbed 0.7 percent in New York following a 6.6 percent slump on Wednesday. Iran said it would only agree to curb its nuclear program if all trade restrictions are removed, while U.S. and EU officials have said the restrictions should be lifted gradually.
Concordia Healthcare Corp., the best-performing stock in the S&P/TSX this year, increased 7.1 percent for a third day of gains, extending a record.
The company yesterday closed a C$368 million deal selling subscription receipts for shares, in part to fund its $1.2 billion proposed acquisition of assets from Covis Pharma Holdings Sarl. Chief Executive Officer Mark Thompson is seeking larger acquisitions and more assets in Europe.
Detour Gold Corp. retreated 4.3 percent as gold for June delivery lost 0.8 percent to $1,193.60 in New York, a one-week low on speculation the Federal Reserve is moving closer to raising interest rates. Policy makers with the central bank were split on a potential rate hike in June, according to the latest minutes.
Labrador Iron Ore Royalty Corp. slumped 6.7 percent after Tony Robson, analyst at BMO Capital Markets, cut his rating for the stock to market perform, the equivalent of a hold, from outperform, or buy.