Canada Stocks Rise as Ukraine Concern Sends Gold to 6-Month High

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Canada Stocks Rise as Ukraine Concern Sends Gold to 6-Month High

posted on Mar 14, 2014 10:49AM

By Eric Lam Mar 14, 2014 10:11 AM ET

Canadian stocks rose, paring a weekly decline, as gold surged to a six-month high as investors sought a safe haven amid rising concern over the conflict in Ukraine.

Pretium Resources Inc. and Detour Gold Corp. (DGC) rallied at least 1.5 percent as gold headed for a second weekly advance. Silvercorp Metals Inc. climbed 4 percent as silver prices gained in New York. Quebecor Inc. increased 2.5 percent after analysts with Desjardins Securities raised their rating for the stock.

The Standard & Poor’s/TSX Composite Index (SPTSX) rose 16.92 points, or 0.1 percent, to 14,262.06 at 10:07 a.m. in Toronto. The index has gained about 4.7 percent this year.

Global markets slumped on concern the conflict in Ukraine is escalating, with the MSCI World Index slipping 0.5 percent to a one-month low.

The U.S. and the European Union are threatening sanctions against Russia if it doesn’t back down from annexing Crimea, which is holding a referendum in two days to join Ukraine’s former Soviet-era master. Gold jumped 1 percent to $1,385.50 an ounce in New York.