Toronto (Bloomberg) — Canadian stocks rose for the first time in four days, amid a global rebound in equities, on speculation a week-long selloff created buying opportunities.Commodity producers including Goldcorp climbed on higher bullion and crude oil prices, while financial companies gained after Bank of Nova Scotia reported record first-quarter profit.

Stocks worldwide had lost more than $3.3 trillion of value in the selloff.

“Today’s important. If we can hold a rally, then maybe the worst is over,” said Peter Hodson, who helps manage $3.52 billion as senior portfolio manager at Sprott Asset Management in Toronto. “I’ve been buying every day.”

The Standard & Poor’s/TSX Composite Index rose 156.94, or 1.2 percent, to 12,868.19 in Toronto, the biggest gain since Jan. 23, as the benchmark’s 10 industry groups all advanced.

The S&P/TSX had dropped 5.2 percent before today, since reaching a record on February 26, on concern that growth may falter in China and the US commodity stocks, which have led a four-year rally in the index, had been the worst-hit.

Today, a gauge of materials shares rose 2.6 percent. Miners around the world advanced after Xstrata, which last year bought Canadian nickel miner Falconbridge for $18 billion, reported record profit. Deutsche Bank raised the weighting on basic- resources shares to “overweight” from “neutral.”

Shares rose even as reports signalled US manufacturing and housing remain weak.

Former Federal Reserve Chairman Alan Greenspan said yesterday that there’s a one-third probability of a US recession this year.

Goldcorp, the world’s second-biggest bullion miner by market value, rose C$1.09, or 3.8 percent, to C$30.10.

Smaller rival Kinross Gold rose 51 cents to C$15.25.

Yamana Gold, which mines for gold in Brazil, increased 75 cents to C$15.97, paring a three-day, 12 percent drop.

Alcan, the world’s second-biggest maker of aluminium, added 62 cents at C$60.

Teck Cominco, a producer of zinc and copper, gained 97 cents to C$79.05.

Shares of HudBay Minerals, a zinc miner, added 95 cents, or 4.7 percent, to C$21.10.

Gold futures for April delivery gained 1.3 percent to $647.30 an ounce in New York, on speculation a five-day tumble in prices was overdone, and that higher energy prices and a weaker US dollar will revive demand for the metal as an alternative investment.

Copper led industrial metals higher.