Gold edges higher with Fed unlikely to raise rates today Investors weigh earnings from Gildan, Intact Financial Share on Facebook Share on Twitter Canadian stocks rose for the fifth time in six days, as a rally in Apple Inc. lifted technology shares and gold miners extended gains on speculation the Federal Reserve won’t rush to tighten monetary policy. The S&P/TSX Composite Index added 0.4 percent to 14,604.20 at 10:13 a.m. in Toronto on trading volume 29 percent lower than the 30-day average. The benchmark is up 12 percent in 2016, making Canadian stocks more expensive than their U.S. peers, with a price-earnings ratio of 22.4 for the S&P/TSX, about 11 percent higher than the S&P 500 Index. Technology shares led gains in the benchmark index after Apple’s 7.3 percent rally lifted the sector around the world. The iPhone maker reported results that indicated sales of a cheaper model are picking up. Barrick Gold Corp. and Goldcorp Inc. rallied at least 1.7 percent. Raw-materials producers added 1.6 percent as a group, the biggest contributor as seven of 10 industries in the S&P/TSX advanced. Gold prices rose 0.5 percent in New York, ahead of the Fed’s interest-rate decision at 2 p.m. in Washington. Gold tends to be a more attractive investment as a store of value against a weaker U.S. dollar in a low-rate environment. The gain in mining stocks extends a rally for the group this year to 59 percent, the best year-to-date performance for the group in at least 30 years, according to data compiled by Bloomberg. Mining and energy stocks have propelled Canada to the second-best performance among developed markets, trailing only New Zealand. The S&P/TSX has joined global markets extending gains this month following a brief post-Brexit vote swoon amid a stretch of solid U.S. economic data and improving earnings. A gauge of global developed and developing markets advanced a second day to the highest in eight months as Japan’s Prime Minister Shinzo Abe announced a 28 trillion yen ($265 billion) fiscal stimulus package. Apple Inc. led gains in technology stocks on better-than-expected quarterly results, pushing the S&P 500 higher in New York. Investors also weighed earnings from Canadian companies. Intact Financial Corp. added 1.5 percent. The insurer reported second-quarter operating earnings well ahead of analysts’ estimates, even after accounting for a significant loss from the Fort McMurray, Alberta wildfires earlier in the year that forced the evacuation of the town. Gildan Activewear Inc. slumped 6.3 percent, the most since February, after trimming the top end of its 2016 guidance.

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