Canadian Stocks Fluctuate as Encana, Loblaw Advance on Profit

Canadian stocks were little changed after better-than-expected earnings from Encana (ECA) Corp. and Loblaw Cos. offset a slump in raw-materials producers as China manufacturing slowed.

Encana rose 0.5 percent after posting its first quarterly profit in more than a year. Loblaw, Canada’s largest grocer, gained 1.6 percent as profit climbed on higher food and clothing sales. Rogers Communications Inc. (RCI/B), Canada’s largest wireless carrier, advanced 2.2 percent as sales climbed during the quarter. Agnico Eagle Mines Ltd. and Barrick Gold Corp. led declines among commodity shares, losing at least 2.2 percent.

The Standard & Poor’s/TSX Composite Index (SPTSX) lost 5.43 points, or less than 0.1 percent, to 12,739.95 at 9:59 a.m. in Toronto. The gauge has gained 2.5 percent this year.

China’s manufacturing weakened more than estimated in July, according to a preliminary purchasing managers’ index reading of 47.7 released by HSBC Holdings Plc and Markit Economics. Levels below 50 indicate contraction.

Cenovus Energy Inc. sank 3.4 percent as second-quarter profit slumped 55 percent on higher currency losses and lower hedging gains.

To contact the reporter on this story: Eric Lam in Toronto at

To contact the editor responsible for this story: Lynn Thomasson at

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