Canada Stocks Rise as Copper Hits High on China Growth...

Canada Stocks Rise as Copper Hits High on China Growth Prospects
By Gerrit De Vynck May 27, 2014 6:38 AM ET

Canadian stocks rose for a fifth day, the longest advance since February, as copper hit an 11-week high and Ukraine elected a new president.

Lundin Mining Corp. and Sherritt International Corp. advanced at least 1.8 percent. Copper rose to the highest in almost three months on speculation China’s growth is set to accelerate after the country’s premier said the government will adjust policy to help the real economy.

The Standard & Poor’s/TSX Composite Index (SPTSX) climbed 7.59 points, or 0.5 percent, to 14,715.69 at 4 p.m. in Toronto. The gauge has risen 1.4 percent in the last five days.

Base metals growth is the “wild card for the Canadian market,” said Ian Nakamoto, director of research with MacDougall, MacDougall & MacTier Inc. in Toronto, which manages C$4.7 billion ($4.3 billion). “If we get some more positive news out of China or global growth I think the Canadian market will continue to do well.”

Lundin rose 2.1 percent to C$5.98 and Sherritt rose 1.8 percent to C$4.45. Thompson Creek Metals Co., which mines copper and molybdenum, rose 3.2 percent to C$3.23.

Inter Pipeline Ltd. and Enbridge Inc. dropped at least 0.8 percent, the most among energy companies as crude oil fell amid speculation that the new Ukrainian president may help ease tensions with Russia.