TORONTO (Bloomberg) — Canadian stocks rose to a record as speculation that financial companies will report higher profits in the second quarter overshadowed a decline in raw-materials producers.Telephone shares, the best performer among the Standard & Poor's/TSX Composite Index's 10 industry groups this year, also rallied, led by Rogers Communications.

The S&P/TSX added 90.39, or 0.7 percent, to 14,025.03 in Toronto. The Canadian benchmark has risen 8.7 percent this year, as record prices for such commodities as nickel triggered take-overs bids for Canadian metals companies including Alcan.

"The banks' results will probably be very good again," said Stephen Gauthier, a partner in Montreal-based investment firm Gauthier & Cie., which manages about $18 million. "It's the take-over put. Investors are looking at other stories beside the commodity plays. The mining blue chips are being taken over one by one and the money needs to be recycled somewhere."

Bank of Montreal, Canada's fourth-biggest lender, added 20 cents to C$69.70. Bank of Montreal is scheduled to report results on May 23, kicking off the so-called "earnings season" for Canada's six largest banks.

Smaller competitor, Canadian Imperial Bank of Commerce, rose C$1.47 to a record C$105.55. It's due to release its second- quarter results on May 31.

Sun Life Financial, Canada's second-biggest insurer, gained 82 cents to C$52.39.

Canadian banks may report average earnings increases of 20 percent year-on-year in the second quarter, helped by strong financial markets and low credit losses, Dundee Securities analyst John Aiken wrote in a note last week.

Rogers climbed C$1.46 to C$44.34. Credit rating agency Fitch Ratings said in a statement that it raised Rogers' outlook to "positive" from "stable."

Canada's largest mobile-phone service said on May 14 that it's combining its three business units to consolidate debt and simplify its corporate structure.