Canadian stocks rose as advancing crude and metals prices pushed commodities producers higher and utilities shares rallied after TransAlta Corp. agreed to split off its renewable power facilities.
Teck Resources Ltd. gained 1.3 percent as copper advanced with industrial metals. Niko Resources jumped 1.9 percent after crude prices rallied to a one-week high. TransAlta jumped 7.5 percent after saying yesterday it will split its renewable power-generating properties into a separate unit.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 57.85 points, or 0.5 percent, to 12,009.75 at 10:13 a.m. in Toronto. The benchmark Canadian equity gauge has lost 5.1 percent this month, erasing its gain for 2013, and is headed for the first quarterly loss in a year.
Nine of 10 groups in the S&P/TSX advanced today, with utilities gaining 1.6 percent and materials producers adding 1.4 percent.
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