Canadian stocks rose, capping the biggest three-day surge in more than three years, as consumer-staples and health-care companies led gains amid a global rally following the Federal Reserve’s pledge to be patient on boosting rates.
Nine of the 10 main groups in the Standard & Poor’s/TSX Composite Index (SPTSX) advanced. Alimentation Couche-Tard Inc. surged 8.3 percent to pace gains in consumer shares, while raw-materials stocks jumped 2.1 percent.
The S&P/TSX Index increased 132.87 points, or 0.9 percent, to 14,346.75 at 4 p.m. in Toronto. The equity gauge has surged 4.7 percent in the past three days, the most since November 2011. The index is up 5.3 percent for the year.
The MSCI All-Country World Index advanced 2 percent as U.S. benchmark gauges capped the biggest two-day rally in three years. The S&P 500 added 2.4 percent, while the Dow Jones Industrial Average climbed 2.4 percent for its best day in three years.
Canadian stocks had their biggest daily advance in three years yesterday as the U.S. Fed said it will be patient on the timing of the first interest-rate increase since 2006. While a faster-than-estimated drop in unemployment is pushing the central bank toward raising rates next year, plunging prices of oil and commodities are holding inflation below its target.
West Texas intermediate crude fell to a five-year low today, erasing an earlier advanced of as much as 4 percent in New York.
Energy shares in the Canadian benchmark have advanced 11 percent over three days, the most in six years. Among the biggest moves today, Athabasca Oil Corp. jumped 16 percent while Canadian Oil Sands Ltd. rallying 10 percent.
Torex Gold Corp. surged 12 percent, while OceanaGold Corp. climbed 9.1 percent to pace gains among materials producers. Source: Bloomberg