Canada Stocks Rise to Trim Weekly Loss as Metals, Railways RallyEric Lam
Canadian stocks rose a second day, paring a third week of losses, as raw-materials producers and railway shares climbed.
Labrador Iron Ore Royalty Corp. surged 11 percent after Osisko Gold Royalties Ltd. bought a stake in the company. Canadian National Railway Co. and Canadian Pacific Railway Ltd. gained at least 0.8 percent to pace gains among industrial stocks.
The Standard & Poor’s/TSX Composite Index gained 80 points, or 0.5 percent, to 15,108.12 at 4 p.m. in Toronto. The index dropped 0.4 percent this week, for a third decline, its worst streak this year.
Stantec Inc. rallied 3.7 percent and Air Canada climbed 1 percent as industrials shares increased 1.2 percent as a group. Nine of 10 industries in the S&P/TSX rose on trading volume 17 percent lower than the 30-day average.
Canadian factory sales rose 2.9 percent to C$51 billion ($42 billion) in March, the fastest pace in almost four years, as production of planes and automobiles rebounded. Economists had forecast a median 1 percent increase. A weaker Canadian dollar is helping manufacturing because it makes their goods cheaper to foreign customers.
Fortuna Silver Mines Inc. added 3.3 percent as silver futures for July delivery increased in New York. Gold futures capped the biggest weekly rally since mid-January, climbing 2.9 percent. OceanaGold Corp. rose 3.2 percent.
Manulife Financial Corp. retreated 0.5 percent for a fourth day of losses. The S&P/TSX Financials Index lost 0.1 percent as Toronto-Dominion Bank and Royal Bank of Canada, the nation’s largest lenders, each slipped.
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