Bloomberg News

Canada Stocks Rose on German Confidence, Earnings Results

February 22, 2013

Canadian stocks advanced, erasing a weekly drop in the benchmark index, as weaker-than-forecast reports on retail sales and consumer prices were overshadowed by a rise in German business confidence.

Energy and raw-material producers advanced as Osisko Mining Corp. (OSK) jumped 6.9 percent after beating earnings estimates. Agrium Inc. fell 4.9 percent as fertilizer companies were downgraded by Dahlman Rose & Co.

The Standard & Poor’s/TSX Composite Index (SPTSX) rose 51.08 points, or 0.4 percent, to 12,691.05 at 10:22 a.m. in Toronto. The S&P/TSX is up 0.1 percent for the week.

German business confidence increased to a 10-month high in February, indicating that Europe’s largest economy may be gathering strength. Ifo institute’s business climate index, based on a survey of 7,000 executives, climbed to 107.4 in February from a revised 104.3 in January.

Canada’s inflation rate fell in January to its lowest since 2009 and retail sales plunged in December, adding to evidence the country’s economy is struggling to accelerate from its slowest pace since the 2009 recession.

To contact the reporter on this story: Sarah Pringle in New York at

To contact the editor responsible for this story: Lynn Thomasson at

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