Canadian stocks rose for a third day as North American companies including CSX Corp. reported earnings that topped analyst estimates and gold futures gained on a weaker U.S. dollar.
Canadian National Railway Co., Canada’s largest railroad, advanced 1.9 percent after U.S. railroad CSX said third-quarter profit increased 43 percent. Barrick Gold Corp., the world’s biggest gold producer, climbed 1 percent as the U.S. dollar dropped to a five-month low against the Canadian currency. Teck Resources Ltd., Canada’s largest base-metals and coal producer, rallied 1.8 percent on prospects for higher copper prices.
The Standard & Poor’s/TSX Composite Index rose 97.31 points, or 0.8 percent, to a two-year high of 12,672.95 as of 10:08 a.m. in Toronto.
The S&P/TSX is on track to record its fifth-straight weekly gain for the first time since April 2009. An index of commodities gained 8.3 percent during the streak through yesterday as the U.S. dollar declined 6.5 percent on concerns that new stimulus measures will weaken the currency. Energy and raw-materials companies make up 48 percent of Canadian stocks by market value.
The U.S. dollar retreated as much as 0.8 percent to C$1.0021 after Statistics Canada said new-home prices rose 0.1 percent in August after slipping 0.1 percent in July. Six of the nine analysts in a Bloomberg survey had forecast another decline.
Gold Climbs
Gold futures gained 1 percent to $1,360.60 an ounce in New York. Also today, Canadian gold producers including Barrick, Goldcorp Inc. and Kinross Gold Corp. received “outperform” ratings in new coverage from Tony Lesiak, an analyst at Macquarie Group Ltd.
Barrick advanced 1 percent to C$49.46. Goldcorp, the world’s second-largest producer by market value, increased 1.5 percent to C$45.10. Detour Gold Corp., which mines in northern Ontario, led the S&P/TSX with a 5.4 percent surge to C$30.29.
Canada’s two publicly traded railroads climbed after Jacksonville, Florida-based CSX surpassed analysts’ average third-quarter profit estimate by 3.8 percent, excluding certain items. Meanwhile, Tasneem Azim, an analyst at UBS AG, raised his rating on Canadian Pacific Railway Ltd. to “buy” from “neutral,” citing the company’s cost cuts and valuation compared to other railroads.
Canadian National rose 1.9 percent to C$66.90. CP rallied 3.7 percent to a two-year high of C$66.60.
Mining Shares Rally
An index of S&P/TSX base-metals and coal companies advanced to a record level as copper increased to a 27-month high. Prices may gain more than 10 percent this quarter from the prior three months as demand outpaces supply, a South Korean state purchasing agency said.
Teck gained 1.8 percent to C$45.50. First Quantum Minerals Ltd., Canada’s second-largest publicly traded copper producer, climbed 2 percent to C$83.10. Taseko Mines Ltd., which produces copper in British Columbia, jumped 4.8 percent to C$6.80, the highest price since 1997.
Royal Bank of Canada, the country’s largest bank, gained 1.2 percent to C$55.63. Bank of Montreal, the No. 4 bank by assets, advanced 1.1 percent to C$60.48. Manulife Financial Corp., North America’s third-biggest insurer, increased 0.9 percent to C$12.54.
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Canadian National Railway Co., Canada’s largest railroad, advanced 1.9 percent after U.S. railroad CSX said third-quarter profit increased 43 percent. Barrick Gold Corp., the world’s biggest gold producer, climbed 1 percent as the U.S. dollar dropped to a five-month low against the Canadian currency. Teck Resources Ltd., Canada’s largest base-metals and coal producer, rallied 1.8 percent on prospects for higher copper prices.
The Standard & Poor’s/TSX Composite Index rose 97.31 points, or 0.8 percent, to a two-year high of 12,672.95 as of 10:08 a.m. in Toronto.
The S&P/TSX is on track to record its fifth-straight weekly gain for the first time since April 2009. An index of commodities gained 8.3 percent during the streak through yesterday as the U.S. dollar declined 6.5 percent on concerns that new stimulus measures will weaken the currency. Energy and raw-materials companies make up 48 percent of Canadian stocks by market value.
The U.S. dollar retreated as much as 0.8 percent to C$1.0021 after Statistics Canada said new-home prices rose 0.1 percent in August after slipping 0.1 percent in July. Six of the nine analysts in a Bloomberg survey had forecast another decline.
Gold Climbs
Gold futures gained 1 percent to $1,360.60 an ounce in New York. Also today, Canadian gold producers including Barrick, Goldcorp Inc. and Kinross Gold Corp. received “outperform” ratings in new coverage from Tony Lesiak, an analyst at Macquarie Group Ltd.
Barrick advanced 1 percent to C$49.46. Goldcorp, the world’s second-largest producer by market value, increased 1.5 percent to C$45.10. Detour Gold Corp., which mines in northern Ontario, led the S&P/TSX with a 5.4 percent surge to C$30.29.
Canada’s two publicly traded railroads climbed after Jacksonville, Florida-based CSX surpassed analysts’ average third-quarter profit estimate by 3.8 percent, excluding certain items. Meanwhile, Tasneem Azim, an analyst at UBS AG, raised his rating on Canadian Pacific Railway Ltd. to “buy” from “neutral,” citing the company’s cost cuts and valuation compared to other railroads.
Canadian National rose 1.9 percent to C$66.90. CP rallied 3.7 percent to a two-year high of C$66.60.
Mining Shares Rally
An index of S&P/TSX base-metals and coal companies advanced to a record level as copper increased to a 27-month high. Prices may gain more than 10 percent this quarter from the prior three months as demand outpaces supply, a South Korean state purchasing agency said.
Teck gained 1.8 percent to C$45.50. First Quantum Minerals Ltd., Canada’s second-largest publicly traded copper producer, climbed 2 percent to C$83.10. Taseko Mines Ltd., which produces copper in British Columbia, jumped 4.8 percent to C$6.80, the highest price since 1997.
Royal Bank of Canada, the country’s largest bank, gained 1.2 percent to C$55.63. Bank of Montreal, the No. 4 bank by assets, advanced 1.1 percent to C$60.48. Manulife Financial Corp., North America’s third-biggest insurer, increased 0.9 percent to C$12.54.
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