BS: Canadian Stocks Gain as U.S. Dollar Declines on Hope for Greece
By Matt Walcoff
Feb. 9 (Bloomberg) -- Canadian stocks rose, led by commodity-linked stocks, as the U.S. dollar fell the most against the euro in four weeks, lifting prices of commodities including oil and gold.
Goldcorp Inc., Canada’s second-largest producer of the metal, gained 2.3 percent amid optimism the European Union will help Greece address its budget deficit. Suncor Energy Inc., Canada’s biggest oil and gas company, increased 1.4 percent as crude futures advanced for a second day. Agrium Inc., the country’s second-biggest fertilizer producer, climbed 2.7 percent after reporting earnings that beat analyst estimates.
The Standard & Poor’s/TSX Composite Index rallied 101.27 points, or 0.9 percent, to 11,216.57 at 9:31 a.m. in Toronto.
The Reuters/Jefferies CRB Index of commodities has tumbled 7.5 percent this year as the U.S. dollar strengthened on concerns over budget deficits in Greece and European countries. Commodity-linked companies represent 45 percent of Canadian stocks by market value.
--Editor: Stephen Kleege
To contact the reporter on this story: Matt Walcoff in Toronto at +1-416-203-5729 or mwalcoff1@bloomberg.net
To contact the editor responsible for this story: Nick Baker at +1-212-617-5919 or nbaker7@bloomberg.net
