Canadian Stocks Cap Weekly Gain Amid Optimism After Jobs Reports


08/02/2014 08:31 AST

Canadian stocks advanced, capping a weekly gain for the benchmark index, amid optimism over economic growth after the release of employment reports for the nation and the U.S.

Detour Gold Corp. jumped 12 percent after Canaccord Genuity Corp. analysts raised the stock’s rating. Silver Standard Resources Inc. climbed 9.9 percent after CIBC World Markets Inc. upgraded the shares. Baytex Energy Corp. dropped 4.6 percent as it agreed to buy Aurora Oil & Gas Ltd. for C$1.8 billion ($1.63 billion). Aurora soared 55 percent.

The Standard & Poor’s/TSX Composite Index (SPTSX) increased 73.10 points, or 0.5 percent, to 13,786.50 at 4 p.m. in Toronto. The gauge, which has risen 1.2 percent in 2014, added 0.7 percent this week. Trading in S&P/TSX stocks was 13 percent above the 30-day average at the close.

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