Canada Stocks Rise 5th Day as Consumer Gains Offset CommoditiesEric Lam
Canadian stocks rose, after posting the best weekly advance since April, as a rise in consumer shares overshadowed a drop in commodities producers.
Martinrea International Inc. and Dollarama Inc. gained at least 2.8 percent to lead consumer-discretionary shares higher. Brookfield Property Partners LP climbed a record 5.6 percent after it said it was in the process of selling assets. Energy producers tumbled after crude sank on Monday to a six-month low while Canadian equity markets were shut for a holiday.
The Standard & Poor’s/TSX Composite Index rose 22.61 points, or 0.2 percent, to 14,491.05 at 4 p.m. in Toronto. The S&P/TSX rallied 2 percent last week to trim its slide in July to 0.6 percent.
Miners and energy producers slumped around the world on Monday as Brent oil dipped below $50 for the first time since January and the Bloomberg Commodity Index slipped to a 13-year low. Crude rebounded Tuesday as the rout in commodities paused.
That wasn’t enough to spare resource producers in Canada from catch-up selling. Energy shares slid 0.6 percent. Yamana Gold Inc. fell 8.5 percent and Iamgold Corp. retreated 7.5 percent as raw-materials producers declined 0.9 percent as a group.
Raw-materials and energy companies are the worst performers in the S&P/TSX this year, down at least 14 percent, amid a rout in commodities prices that has driven oil into a bear market and gold to a five-year low.
Saputo Inc. climbed 4.9 percent, the most in five years, after reporting fiscal first-quarter earnings in line with estimates and said it will be able to navigate any regulatory changes that result from a Trans-Pacific Partnership deal.
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