Canadian stocks fell for a third day as crude oil dropped after analysts in a Bloomberg survey forecast higher U.S. gasoline supplies and financial shares declined as U.S. lawmakers failed to agree on deficit reduction.
TransCanada Corp. (TRP), the owner of Canada’s largest pipeline system, lost 0.7 percent as crude retreated for a third day. Royal Bank of Canada (RY), the country’s largest lender by assets, decreased 0.5 percent as U.S. politicians remained unable to reach a deal to raise the country’s debt ceiling. Potash Corp. of Saskatchewan Inc. advanced 1.5 percent after the U.S. boosted its corn-stocks forecast by less than most analysts in a Bloomberg survey had estimated.
The Standard & Poor’s/TSX Composite Index slipped 12.81 points, or 0.1 percent, to 13,166.94 at 9:46 a.m. in Toronto. Among stocks in the index, 82 advanced, 165 declined and 13 were unchanged.
The S&P/TSX dropped the most in five weeks yesterday as investors speculated the European crisis will spread to Italy and oil and base metals fell. Energy and raw-materials companies make up 49 percent of Canadian stocks by market value, according to Bloomberg data.
To contact the reporter on this story: Matt Walcoff at Mwalcoff1@bloomberg.net
To contact the editor responsible for this story: Nick Baker at email@example.com