TORONTO (Bloomberg) — Canadian stocks notched their first gain in three sessions on speculation a sell-off triggered by falling resource prices was overdone.Commodity producers including Alcan Inc. advanced even as copper and crude oil prices extended a slump. Media companies such as CanWest Global Communications Corp. and Shaw Communications Inc. were lifted by takeovers and earnings that exceeded analysts’ estimates.

“We’ve started getting to levels where some of the commodity shares are looking attractive again,” said Rick Hutcheon, who manages about $171 million as chief investment officer at RKH Financial in Toronto. “We may be near the end of the pull-back in commodity stocks. I don’t believe oil’s going back to $35 a barrel and copper to $1 a pound.”

The S&P/TSX climbed 62.35, or 0.5 percent, to 12,519.90 in Toronto. The benchmark, down 3 percent this year, pared gains after oil prices fell, dragging down energy shares.

Alcan rose C$1.98 to C$57.10. The world’s second-biggest aluminum producer took a two-day gain to 8.6 percent. Yesterday, its larger rival Alcoa Inc. reported fourth-quarter profit that jumped 60 percent and beat analysts’ estimates.

Teck Cominco Ltd., the world’s biggest zinc producer and a miner of copper, added C$1.10 to C$81. It’s still down 7.7 percent in 2007. First Quantum Minerals Ltd., a miner of copper in Africa, advanced for a second day, adding C$1.27 at C$59.23.

Potash Corp. of Saskatchewan Inc., the biggest maker of the fertiliser after which it is named, gained C$4.11 to C$163.34.

Copper futures for March delivery in New York fell 0.2 percent to $2.659 on renewed concern that rising global inventories signal cooling demand for the metal used in construction. Copper, which rose to a record high of $4.04 on May 11, plunged 12 percent last week, the most in a decade.

A measure of raw-materials shares added 1.1 percent, paring its loss this year to 4.3 percent.