Canada Stocks Advance as Metals Miners Overshadow Decline in OilEric Lam
Canadian stocks rose, posting a weekly advance, as base metals mining companies increased with iron ore and health-care shares climbed.
Labrador Iron Ore Royalty Corp. added 7.5 percent as iron ore entered a bull market after BHP Billiton Ltd. curbed expansion plans and supplies from higher-cost mines dropped. Concordia Healthcare Group gained 0.8 percent. Bankers Petroleum Ltd. slipped 3.8 percent as oil fell from a 2015 high in New York, paring the longest run of weekly gains in more than a year.
The Standard & Poor’s/TSX Composite Index rose 15.98 points, or 0.1 percent, to 15,408.33 at 4 p.m. in Toronto. The benchmark Canadian equity gauge is up 0.3 percent for the week.
Manulife Financial Corp. added 0.9 percent, to a December high, as financial shares increased 0.3 percent. The group accounts for one-third of the index. Seven of the 10 main industries in the S&P/TSX advanced on trading volume 22 percent below the 30-day average.
West Fraser Timber Co. Ltd. climbed 6.7 percent after reporting first-quarter sales and earnings ahead of analysts’ estimates.
Capstone Mining Corp. surged 9.1 percent and Labrador Iron Ore jumped 7.5 percent. Since bottoming out at $47.08 on April 2 after dropping for five straight quarters, iron ore prices have rallied 23 percent. A bull market is typically defined as a rise of at least 20 percent from a closing low.