Canada Stocks Rise for Eighth Day on U.S. Private-Industry Payrolls Data

By Matt Walcoff - Sep 3, 2010 1:57 PM PT

Canadian stocks gained for an eighth day, the longest rising streak in seven months, after the U.S. reported a higher-than-forecast increase in private-sector employment.

Manulife Financial Corp., North America’s third-largest insurer, advanced 2.9 percent as U.S. businesses added to their payrolls for an eighth straight month. Goldcorp Inc., the world’s second-biggest gold producer by market value, fell 3.7 percent after agreeing to buy Andean Resources Ltd. for about C$3.6 billion ($3.4 billion). Linamar Corp., Canada’s second- largest auto-parts maker, soared 8.5 percent after U.S. auto sales topped forecasts.

The Standard & Poor’s/TSX Composite Index climbed 33.83 points, or 0.3 percent, to 12,144.92 at 4 p.m. in Toronto, for a 2.2 percent weekly gain.

“The market’s been totally a function of what the economy is doing, so it’s good to see some decent numbers coming in,â€