AUY Yamana Gold Inc

   By Ezequiel Minaya 
 

Canadian stocks rose slightly Thursday, as global markets continued to rebound from the far-reaching but so far short-lived disruption sparked by the U.K. vote to leave the European Union.

The S&P/TSX Composite Index gained 27.80 points, or 0.2%, to 14064.54. Advancers led decliners, 1,075 to 546. Trading volume was 398.6 million shares, compared with 419.7 million on Wednesday.

The blue chip S&P/TSX 60 Index closed up 1.09 points, or 0.1%, at 817.65.

The Toronto Stock Exchange will be closed Friday for Canada Day.

Markets in Europe and the U.S. posted two of their best days of the first half of 2016 on Tuesday and Wednesday, which followed two of the worst days in the wake of the historic Brexit vote.

Stocks around the world sold off sharply after the June 23 U.K. vote to leave the EU as concerns mounted about potential political and economic outcomes that could drag growth and investment. The surprise result hit assets around the world, while currency markets had their most volatile day in modern history, according to Bank of America Merrill Lynch.

Now, markets are pricing in lower growth and inflation in the U.K., Europe and the world, but not a financial crisis as some had initially expected, analysts said.

In Canada, mining companies were among the biggest gainers Thursday. Teck Resources Ltd. climbed 4.3%, and Silver Wheaton Corp. rose 2.8%.

Energy company Encana Corp. was among the leading decliners, falling 4.6%. Gold companies Kinross Gold Corp. and Yamana Gold Inc. were also among the losers, falling 2.9% and 1%, respectively, as markets reversed the rush to the precious metal sparked by the search by investors for safe havens.

Among other companies making notable moves in Thursday's session were West Fraser Timber, Canfor and Laurentian Bank of Canada.

Forestry companies West Fraser and Canfor reacted strongly after the U.S. and Canada released a joint statement late Wednesday indicating the two countries have made important progress in negotiations over softwood lumber exports. West Fraser added 3.5%, and Canfor gained 4.5%.

Laurentian Bank acquired the Canadian business of CIT Group Inc. late Wednesday. Laurentian said it would partially finance the deal through a C$135 million offering of subscription receipts, and that the acquisition would "modestly" add to adjusted profit on a per-share basis in 2017. Laurentian shares fell 2.6%.

-- Riva Gold and David George-Cosh contributed to this article.

Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com

(END) Dow Jones Newswires

June 30, 2016 16:55 ET (20:55 GMT)

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