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Canadian stocks deleted earlier declines as real estate firms advanced and oil surged, offsetting retreats among gold firms after tensions calmed down on Syria and economists estimate further losses in the metal.
Dundee Real Estate Investment Trust and Boardwalk REIT recorded a gain of at least 1.1 percent. Suncor Energy Inc. bolstered 0.7 percent as oil climbed for the first time in three days. Dollarama Inc. leaped 7 percent after second-quarter profits surpassed forecasts as same-store sales upgraded. Rio Alto Mining Ltd. downgraded 5.8 percent as gold reached a three-week low. Goldman Sachs Group Inc. said the metal will continued its declines to 2014. BlackBerry Ltd. relinquished 5.2 percent on concern a domestic buyout of the smartphone maker will not happen.
Goldman Forecast
Goldman’s economists expect Fed policy makers to curb quantitative easing at their Sept. 17-18 meeting as the economy improves, the report said. The stimulus has helped the Standard & Poor’s 500 Index rally as much as 153 percent since the beginning of the bull market in March 2009.
Dollarama Soars
Dollarama spiked 7 percent to C$79.30, a record high, after posting adjusted earnings of 82 Canadian cents a share, ahead of analysts’ estimates for 78 cents. The dollar-store operator’s same-store sales increased 6.2 percent, compared with 3.7 percent in the first quarter.
Ithaca Energy Inc. soared 15 percent to C$2.35, the biggest gain in 15 months, after reporting positive drilling results at its Stella oil field in the North Sea.
“Ithaca’s operating update confirms that the Stella development project is continuing as planned,” said James Hosie, an analyst with RBC Capital Markets in a note to clients today. “The project is central to Ithaca’s outlook.”
Suncor added 0.7 percent to C$36.68 as crude rose in New York. Stockpiles at Cushing, Oklahoma, tumbled to the lowest level since February 2012.
BlackBerry backslide 5.2 percent to C$10.74. The Waterloo, Ontario-based company has registered to meet with Canadian lawmakers to discuss the Investment Canada Act, which sets rules for foreign acquisitions of local companies, according to federal lobbying documents.
“It’s a difficult situation for Ottawa. They may be thinking of a Chinese buyer. What other country would need that kind of lobbying?” Nakamoto said. “You wouldn’t need this for a U.S. buyer.”
