Bloomberg News

Canada Stocks Snap 2 Days of Losses as Metals Prices Rebound

June 21, 2013

Canadian stocks rose for the first time in three days as metals prices rebounded after yesterday’s rout in commodities.

Wi-Lan Inc. surged 14 percent after renewing a patent licensing deal with Samsung Electronics Co. Premier Gold and Nevsun Resources Ltd. jumped at least 5.1 percent to pace gains among raw-materials stocks as gold, silver and copper advanced.

The Standard & Poor’s/TSX Composite Index (SPTSX) rose 95.89 points, or 0.8 percent, to 12,064.46 at 10:03 a.m. in Toronto. The gauge plunged 2.4 percent yesterday for the biggest drop in two months and is down 1 percent for the week.

Markets worldwide slumped yesterday, a day after U.S. Federal Reserve Chairman Ben S. Bernanke said the central bank, which buys $85 billion of Treasury and mortgage debt each month, may begin reducing purchases this year and end the program in 2014 should the U.S. economy continue to improve.

Metals rebounded after a rally in the dollar yesterday sent the S&P GSCI Index of 24 commodities to its biggest loss since December 2011, with gold and silver at the lowest since 2010.

To contact the reporter on this story: Eric Lam in Toronto at elam87@bloomberg.net

To contact the editor responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus