Bloomberg News

Canadian Stocks Rise as Financial Advance on U.S. Retail Sales

March 13, 2012

Canadian stocks rose, led by financial and mining shares, after an increase in U.S. retail sales signaled a sustained economic recovery.

Manulife Financial Corp. (MFC), Canada’s biggest insurer, rose 0.8 percent. First Quantum Minerals Ltd. (FM) jumped 2.7 percent as copper prices increased on prospects of higher demand from the U.S., the second biggest consumer of the metal.

The Standard & Poor’s/TSX Composite Index rose 0.2 percent to 12,452 at 9:40 a.m. in Toronto.

The index fell 1.8 percent in the previous two weeks in its first back-to-back weekly decline since Dec. 16 as commodity producers dropped with the prices of oil, natural gas and precious metals. Energy and raw-materials companies make up 47 percent of Canadian stocks by market value, according to Bloomberg data.

To contact the reporter on this story: Stephen Kleege in New York at skleege@bloomberg.net

To contact the editor responsible for this story: Joanna Ossinger at jossinger@bloomberg.net


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