Canadian stocks rose for a second day as gold producers advanced and health-care companies soared to a 13-year high after Valeant Pharmaceuticals International Inc. surged to a record on a U.S. acquisition.
Bank of Nova Scotia, Canada’s third- biggest lender by assets, said fiscal first-quarter profit rose 6.5 percent on higher earnings from wealth management and domestic consumer lending. The company increased its dividend 3.2 percent to 64 cents.
Great-West Lifeco Inc.’s C$1.75 billion ($1.72 billion) agreement to buy Irish Life Group Ltd. signals a return to growth for the Canadian insurance industry that has spent years since the financial crisis seeking to contain damage from plunging stock prices.
Manulife Financial Corp., Canada’s largest benefits provider, and Sun Life Financial Inc. are among the nation’s insurers that have boosted revenue from money management as they shun variable annuities.
Royal Bank of Canada said Chief Executive Officer Gordon Nixon will retire next year as the nation’s largest lender reported fiscal fourth-quarter profit that beat analysts’ estimates on gains in investment banking and consumer lending.