Canada's Stocks Fluctuate as Energy Company Gains Offset Banks' Declines

Canadian stocks swung between gains and losses as energy companies rose with natural gas prices while banks declined on lower fourth-quarter profits by Toronto- Dominion Bank and Canadian Imperial Bank of Commerce.

Canadian Natural Resources Ltd. and Talisman Energy Inc. led gains by energy stocks. Toronto-Dominion, the country’s second-largest bank by assets, slid 2.4 percent after net income dropped 1.6 percent. CIBC dropped 1 percent as profit fell 22 percent.

The Standard & Poor’s/TSX Composite Index rose 6.36 points, or 0.1 percent, to 13,1654.71 as of 9:59 a.m. in Toronto. The benchmark for Canadian stocks rose yesterday to its highest level since September 2008.

The S&P/TSX has gained for five-straight months, surging 15 percent from July through November. Raw-material companies led the advance as commodity prices increased in part on demand from emerging markets such as China, whose economy may grow 10 percent this year, according to the median forecast in a Bloomberg survey of economists.

To contact the reporter on this story: Inyoung Hwang in New York at ihwang7@bloomberg.net.

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

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