Canadian Stocks Decline as Unemployment Rate in U.S. Increases
Canadian stocks fell for a fourth day, extending a weekly decline, after the U.S. reported an increase in its unemployment rate.
Teck Resources Ltd. (TCK/B), Canada’s largest base-metals and coal producer, dropped 3.3 percent after the U.S. Labor Department said payrolls rose by the least last month since September. Suncor Energy Inc. (SU), the country’s biggest oil and gas producer, lost 1.7 percent as crude oil slumped as much as 2.3 percent. Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer by market value, slipped 2.5 percent after the U.S. reported declining export sales of corn.
The Standard & Poor’s/TSX Composite Index decreased 142.97 points, or 1.1 percent, to 13,376.53 at 9:33 a.m. in Toronto, erasing its gains for the year.
The stock benchmark retreated 2.2 percent in the three days ending yesterday after private reports indicated slowing employment and manufacturing growth in the U.S. Seventy-five percent of Canadian exports went to the U.S. last year, according to Statistics Canada.
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