Canadian Stocks Fall for Fifth Day as Commodity Shares Decline
Canadian stocks slid for a fifth day, the longest stretch in seven weeks, as a decline in commodity producers overshadowed a $2.6 billion acquisition by Hudson’s Bay Co.
Hudson’s Bay, the operator of Canada’s largest department-store chain, surged 6.9 percent after agreeing to acquire luxury U.S. retailer Saks Inc. Canadian Natural Resources Ltd. slid 2 percent as an analyst at Macquarie Research downgraded his rating on the stock. Turquoise Hill Resources Ltd. fell 9 percent after parent Rio Tinto Group delayed work on a $5.1 billion underground expansion of a copper mine in Mongolia.
The Standard & Poor’s/TSX Composite Index lost 17.46 points, or 0.1 percent, to 12,630.44 at 10:25 a.m. in Toronto. The gauge declined 0.3 percent last week. Trading volume was 32 percent lower than the 30-day average.
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