Canada Stocks Rise as Banks Climb Amid U.S. Retail Sales

Canadian stocks rose, after plunging the most in 17 months yesterday, as banks advanced after the U.S. reported better-than-forecast retail sales and unemployment data. Painted Pony Petroleum Ltd. (PPY) rose 4.7 percent to pace an advance among energy stocks after yesterday’s selloff. Gildan Activewear Inc., the clothing exporter, added 2.6 percent. National Bank of Canada and Bank of Montreal advanced at least 0.7 percent as financial shares climbed for the first time in six days. The Standard & Poor’s/TSX Composite Index (SPTSX) rose 52.17 points, or 0.4 percent, to 13,905.12 at 4 p.m. in Toronto, paring an earlier gain of as much as 1.7 percent. The equity gauge has dropped 3.9 percent this week, narrowing its advance this year to 2.1 percent. Oil, bank and raw-materials are the biggest laggards in Canada for the first time since at least 1988, fueling concern the nation’s economy is fading just as the U.S. is taking off. The three industries, which collectively account for two-thirds of the S&P/TSX, are the worst performers among 10 groups this year, led by a 18 percent slump in energy, according to data compiled by Bloomberg. Stocks rallied early today as data showed retail sales in the U.S. jumped 0.7 percent in November, the biggest gain in eight months, as higher wages and cheaper fuel fueled shopping sprees for American consumers. Another report showed fewer Americans filed claims for jobless benefits last week. To contact the reporter on this story: Eric Lam in Toronto at elam87@bloomberg.net

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