BLBG: Canada Stocks Rise as Weaker U.S. Dollar Boosts Commodities
Oct. 6 (Bloomberg) -- Canadian stocks rose for a second day, led by commodity-linked companies, after an interest rate boost in Australia weakened the U.S. dollar and lifted the prices of fuel and raw materials.
Goldcorp Inc., Canada’s second-largest gold producer, gained 3.7 percent as gold futures hit an intraday record. Suncor Energy Inc., the country’s largest energy company, increased 2.5 percent. Royal Bank, the biggest bank in Canada by assets, added 1.1 percent.
The Standard & Poor’s/TSX Composite Index rose 138.25 points, or 1.3 percent, to 11,240.87 at 9:32 a.m. in Toronto.
The Canadian benchmark index has outgained the S&P 500 this year, 25 percent to 16 percent, as commodity prices have rebounded on economic data pointing toward an end to the global recession. Raw-material and energy stocks make up 44 percent of the Canadian market, 14 percent of the U.S. market and 19 percent of world stocks by market value.
To contact the reporter on this story: Matt Walcoff in Toronto at mwalcoff1@bloomberg.net.