(Bloomberg) – Canadian stocks rose after three weeks of losses as China boosted purchases of prized metals and BlackBerry Ltd.’s board said it is contemplating selling the company.
BlackBerry increased 4.9% as it broadcast it will form an exceptional board managing group to consider choices for the business encompassing junction ventures and partnerships. Barrick Gold Corp. and Eldorado Gold Corp. rushed at smallest 4.9% as the metal climbed to the largest since July 31.
The Standard & Poor’s/TSX Composite Index increased 36.92 points, or 0.3%, to reach 12,579.05 at 12:11 p.m. in Toronto. Selling capacity was 11% higher than the 30-day mean at this time of the day.
Brian Huen, managing colleague with Red Sky Capital Management Ltd. in Toronto said “You’re starting to glimpse a bit of outperformance in the TSX on the back of strength in China,” he added “The Chinese are hard-hitting buying prized metals, so gold import figures were quite wholesome and that’s premier to a rally in materials.” His firm organizes C$220 million ($214 million).
Barrick Gold increased 4.9% to reach C$18.90 and Eldorado Gold rushed 7.1% C$8.73 as all 24 producers in the S&P/TSX Gold Index progressed. The measure rose by 4.9%, heading for its largest close since July 23.