Canadian stocks rose a second day, led by raw-material shares, as First Quantum Minerals Ltd. took its C$5.1 billion bid for Inmet Mining Corp. (IMN) hostile and Alcoa Inc. (AA:US) said aluminum demand will recover.
Inmet, which is developing the Cobre Panama copper mine in Panama, rose 0.7 percent. First Quantum fell 1.5 percent. Pacific Rubiales Energy Corp. (PRE) added 3 percent after the company, which explores for oil and gas in Colombia, said profit likely jumped 48 percent last year. TransCanada Corp. gained 1.5 percent after agreeing to build and operate a C$5 billion pipeline to a natural gas export terminal in British Columbia.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 16.61 points, or 0.1 percent, to 12,521.42 at 10:09 a.m. in Toronto. The benchmark gauge has gained 0.7 percent this year, trailing every developed market in the world.
Alcoa, which reported earnings yesterday, said aluminum prices are rising as demand in China and the U.S. increases while record amounts are being shut away in warehouses as part of financing deals.
To contact the reporter on this story: Eric Lam in Toronto at email@example.com
To contact the editor responsible for this story: Lynn Thomasson at firstname.lastname@example.org