Canadian stocks fell, retreating from the biggest gain in two months yesterday, as gold prices slumped to a 34-month low and phone companies plunged after Verizon Communications Inc. bid to expand into the market.
Rogers Communications Inc. (RCI/B) and Telus Corp. dropped more than 6.4 percent after Verizon made an offer for Canada’s Wind Mobile. Barrick Gold Corp., the world’s largest producer of gold, slumped 4.7 percent after cutting staff in Australia. Endeavour Silver Corp. retreated 6.5 percent to a three-year low as silver slid to the lowest since August 2010.
The Standard & Poor’s/TSX Composite Index (SPTSX) fell 29.90 points, or 0.3 percent, to 11,975.52 at 9:54 a.m. in Toronto. The gauge climbed 1.4 percent yesterday, the most since April after China’s central bank said it will ensure stable money markets and better-than-forecast U.S. data bolstered optimism about the world’s largest economy.
Telephone stocks plunged 5.9 percent as a group to pace losses in the S&P/TSX. Verizon has made a $700 million offer for Wind Mobile, the Globe and Mail reported today, citing two people familiar with the situation.
To contact the reporter on this story: Eric Lam in Toronto at email@example.com
To contact the editor responsible for this story: Michael P. Regan at firstname.lastname@example.org