Canadian stocks rose a second day, extending a record, as Canadian-Pacific Railway Ltd. reported higher-than-estimated profit and gold producers rallied.
Canadian Pacific, the country’s second-largest railroad, rose 3.9 percent after as revenue at climbed faster than expenses, powered by a rise in grain and coal shipments. RMP Energy Inc. (RMP) jumped 4 percent after boosting its 2014 production outlook. Eldorado Gold Corp. and Agnico Eagle Mines Ltd. increased more than 2.2 percent as gold gained a second day in New York.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 40.18 points, or 0.3 percent, to 15,266.52 at 10:25 a.m. in Toronto. The benchmark Canadian equity gauge has gained 12 percent this year, the third-best performer among the world’s developed markets.
Canadian Pacific climbed 3.9 percent to C$205.54. Leftovers from a record Canadian wheat crop helped Canadian Pacific post a 32 percent jump in grain revenue in that category. Earnings in the latest period also benefited from a 15 percent increase in coal sales.
Industrial stocks added 1.3 percent as a group as four of 10 industries advanced on trading volume 13 percent below the 30-day average at this time of the day.
Eldorado Gold added 2.3 percent to C$8 and Agnico Eagle advanced 2.2 percent to C$44.05 as the S&P/TSX Gold Index jumped 0.9 percent. Gold for August delivery rose 0.4 percent to $1,304.50 an ounce in New York as the U.S. and European Union imposed sanctions on Russian banks, energy companies and defense firms in the latest attempt to pressure the country to halt interference in Ukraine.
BlackBerry Ltd. (BB) slipped 0.9 percent to C$10.62 for a second day of losses after Apple Inc. and International Business Machines Corp. agreed to a collaboration on July 15 that threatens the smartphone maker’s turnaround strategy.
Jul 17, 2014 10:36 AM ET
To contact the reporter on this story: Eric Lam in Toronto at elam87@bloomberg.net