Canadian stocks rose for a second day, after the benchmark index sank to the lowest level of the year this week, as a rally in energy and financial shares offset data showing U.S. companies added fewer jobs than forecast.
China’s $37 billion bet on Canadian energy producers, from Sunshine Oilsands Ltd. to Penn West Petroleum Ltd., is producing disappointing results amid sinking resource prices and operational breakdowns.
Penn West Petroleum Ltd., the Canadian energy producer that has dropped 58 percent in two years, is increasing its chance for recovery by appointing a new chief executive officer to cuts costs and weigh asset sales.
Surge Energy Inc., the oil producer that announced five acquisitions since June, is seeking more deals this year to expand its holdings in southeast Saskatchewan, said Chief Executive Officer Paul Colborne.
Penn West Petroleum Ltd., the worst performing oil and natural gas stock among its Canadian peers this year, may sell more assets and forgo higher output to cut costs after the ouster of four executives.
Penn West Petroleum Ltd., the Canadian oil and natural gas producer with the highest dividend yield, had its biggest gain in 17 months after naming former Suncor Energy Inc. head Rick George as its chairman.