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Canada Stocks Pare Weekly Gain as Gold Miners, RIM Decline

Canadian stocks fell, paring the benchmark index’s biggest weekly rally since July 2009, as gold shares slipped on a stronger U.S. dollar and Research in Motion Ltd. tumbled after reporting profit that missed estimates.

Barrick Gold Corp., the world’s biggest producer of the metal, dropped 2.9 percent as the Canadian dollar weakened after the unemployment rate increased. BlackBerry maker Research In Motion plunged 9.3 percent. Royal Bank of Canada, the country’s largest lender by assets, rose 3.7 percent after its profit beat the average analyst estimate by 14 percent.

The Standard & Poor’s/TSX Composite Index fell 38.20 points, or 0.3 percent, to 12,075.09 after advancing 1 percent earlier.

“Canada’s employment was not as good as the U.S. report so there is a little bit more concern on the Canadian economic front vis-à-vis the States,” Andrew Pyle, an associate portfolio manager for Bank of Nova Scotia in Peterborough, Ontario, said in a telephone interview. Pyle’s team oversees about C$200 million ($197 million). “Financials are one of those sectors people have been a little bit wary of, but we’ve definitely seen decent results.”

The S&P/TSX rose 5.4 percent this week after central banks in Europe, Asia and North America cut lenders’ borrowing costs to bolster the financial system. The benchmark measure of Canadian stocks advanced 4 percent on Nov. 30, the biggest one-day climb in 32 months.

Contrasting Data

Gold mining companies fell as the Canadian dollar declined against the U.S. currency for the first time in seven days, after Statistics Canada said jobs fell by a net 18,600 last month. The unemployment rate rose to 7.4 percent from 7.3 percent, for the first back-to-back declines in employment since the 2009 recession.

The U.S. jobless rate fell to 8.6 percent, the lowest since March 2009, from 9 percent, Labor Department figures showed today. Payrolls climbed 120,000, beating the median estimate in a Bloomberg News survey of a gain of 125,000.

Barrick dropped 2.9 percent to C$51.88. Goldcorp Inc., the world’s second-largest gold producer by market value, fell 3.7 percent to C$52.33. Eldorado Gold Corp., the country’s fifth-largest gold producer by market value, slid 4 percent to C$17.72.

Research In Motion fell 9.3 percent, the most since Sept. 15, to C$17.08. The company said third quarter revenue was “slightly lower” than forecast last quarter amid accelerating market-share losses for its smartphones and PlayBook tablets to Apple Inc.

Lenders Rise

Most Canadian banks advanced after Royal Bank’s quarterly earnings topped estimates on consumer banking and asset-management gains. Royal Bank climbed 3.7 percent to C$48.77. Toronto-Dominion Bank, country’s second-largest lender by assets, jumped 1.2 percent to C$72.75. Bank of Montreal, Canada’s fourth-largest lender by assets, advanced 0.6 percent to C$59.46.

Bank of Nova Scotia, Canada’s third-largest lender, slid 2.5 percent to C$48.99 after saying earnings growth may slow next year.

Rubicon Minerals, the developer of a gold mine in Ontario, surged 8.1 percent, the most in the S&P/TSX, to C$4.01. Gold Stock Analyst newsletter’s John Doody added the company to his top 10 list, citing the construction of a gold mine near Goldcorp Inc.’s Red Lake Camp that may make the miner a takeover target.

Trading in Rubicon was halted before the market’s close as the company prepared to announce the Ontario Ministry of Northern Development and Mines allowed further construction to proceed at the company’s Phoenix Gold Project.

Bombardier Inc. rose 1.8 percent to C$4.05. The maker of trains and airplanes was raised to “outperform” from “market perform” at Raymond James, which said macroeconomic challenges are “now adequately priced in.”

Lululemon Athletica Inc. rose 5.7 percent to C$50.59 to pare yesterday’s loss. The yoga-wear retailer’s rating was raised at Barclays Plc and Keybanc Capital Markets. Barclays, which raised the retailer to “overweight” from “equal weight,” said the shares have declined to an attractive price. Keybanc’s 12-month price estimate of $58 a share is 23 percent above the company’s U.S. traded shares’ closing price yesterday.

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