Canadian stocks rose for a fourth day on Wednesday as copper futures climbed and one of the country’ s biggest banks reported better-than-expected profits.
The S&P/TSX Composite Index closed up 133.99 points, or 1.06 percent, at 12,768.70. The S&P/TSX Venture Composite Index closed up 8.11 points, or 0.45 percent, at 1,810.87.
Canadian Imperial Bank of Commerce raised its dividend by 3.4 percent when reporting a higher-than-expected profit on strong wealth management and markets-related revenue for the second quarter. Stocks of the bank surged 4.57 percent.
The index measuring the financial sector on the Toronto Stock Exchange (TSX) advanced 2.12 percent. Royal Bank of Canada, the country’s biggest lender, added 2.43 percent.
The index measuring the diversified metals and mining sector on the TSX increased 3.06 percent as copper futures climbed. First Quantum Minerals rallied 6.64 percent.
On the losers’ side, Yamana Gold Inc. went down 0.96 percent when gold futures declined.