BLBG: Canadian Stocks Rise as Gold Gains Most in Eight Days, U.S. Dollar Falls
Canadian stocks rose for a second day as gold futures gained the most in eight days as the U.S. dollar fell against all other major currencies.
Barrick Gold Corp., the world’s largest producer of the metal, advanced 0.9 percent after the Group of 20 pledged to avoid “competitive devaluation,” lessening concern countries will buy dollars to weaken their currencies. Equinox Minerals Ltd., the owner of Africa’s biggest copper mine, increased 3.6 percent after agreeing to buy copper producer Citadel Resource Group Ltd. Gran Tierra Energy Inc., which produces oil and gas in Colombia, rallied 2.1 percent after announcing a new discovery.
The Standard & Poor’s/TSX Composite Index climbed 59.10 points, or 0.5 percent, to 12,660.28 as of 9:45 a.m. in Toronto.
The S&P/TSX slipped 0.1 percent last week for its first weekly loss since Sept. 10. The index has surged 8.7 percent over the last two months as the Thomson Reuters/Jefferies CRB Commodity Price Index has jumped 15 percent on a weaker U.S. dollar. The greenback slumped to a 2010 low this month on concern over potential central-bank stimulus efforts.
To contact the reporter on this story: Matt Walcoff in Toronto at mwalcoff1@bloomberg.net
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.
