19.09.201305:54:14UTC+00Canadian stocks march higher to 2-year high after fed maintains stimulus

Canadian stocks climbed to the topmost position in two years, as mining firms rose after the U.S. Federal Reserve unexpectedly refrained from trimming down the pace of its monthly bond purchasing.

Barrick Gold Corp. spiked 8.6 percent as the metal climbed the most since 2009. Athabasca Oil Corp. skyrocketed 4.7 percent after oil extended a rally following the Fed decision. Catamaran Corp. tumbled 9 percent to lead health-care companies lower. BlackBerry Ltd. plummeted 2.2 percent after a report said the smartphone maker may layoff staff.

Materials Rally

Among 64 economists surveyed by Bloomberg News, 33 predicted officials would will reduce monthly buying of Treasuries by $5 billion or less, with 31 forecasting a cut of $10 billion or more.

Goldcorp Reversal

Goldcorp Inc. advance 7.5 percent to $29.11, erasing an earlier loss after Chairman Ian Telfer reached a deal with Canada’s main financial regulator to settle allegations that he violated securities laws. The Ontario Securities Commission will hold a hearing on Sept. 20 on whether to approve the settlement, the OSC said yesterday in a statement.

Energy producers gained 0.5 percent as crude advanced the 2.5 percent, the most in three weeks. Athabasca Oil rose 4.7 percent to C$7.85, the stock’s highest price in over a month.

Catamaran, a provider of pharmacy benefits management, fell 9 percent to C$51.94, the lowest since July 17. Walgreen Co., one of the company’s main customers, said yesterday it would switch its employees into a private insurance exchange in 2014. Goldman Sachs & Co. analyst Robert Jones said the impact to PBMs from the Walgreen move is “unclear.”

BlackBerry plummeted 2.2 percent to C$10.64, erasing an earlier gain of as much as 2 percent. The stock reversed after Dow Jones reported the smartphone maker was preparing for “deep” staff cuts by the end of the year, citing people familiar with the situation. The shares rallied earlier on news the company would start selling a new version of its phone next week.