Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Canadian Stocks Fall as Commodity Shares Slump on Economy

July 12 (Bloomberg) -- Canadian stocks fell as banks and commodity producers slumped amid concern the global economic recovery is slowing down.

Canadian Natural Resources Ltd. and Suncor Energy Inc., two of the nation’s largest energy providers, each declined 1.4 percent. Goldcorp Inc. lost 0.4 percent as the metal slipped on the Comex for the third day. Royal Bank of Canada, the nation’s largest lender, fell 1.2 percent. Bank and energy stocks were the biggest drag on the Standard & Poor’s/TSX Composite Index, with all 10 industries falling.

The S&P/TSX slumped 119.17 points, or 1 percent, to 11,425.47, after rising 0.3 percent yesterday. The benchmark index has dropped 4.4 percent in 2012.

“You can see how sentiment is very negative right now,” Jason Hornett, who co-manages C$250 million for Calgary-based Bissett Investment Management, said in a phone interview. “We’re going to feel the pain in energy and materials stocks more than the U.S. equity indexes because we have more exposure.”

Global equities fell amid further signs that the economic recovery is faltering. Bank of America Corp. strategists reduced earnings estimates for S&P 500 companies for this year and next, citing Europe’s debt crisis and slowing growth in China. Data due tonight may show China’s economic growth fell below 8 percent for the first time since 2009, according to the median estimate in a Bloomberg News survey.

Royal Bank of Canada fell 1.2 percent to C$52.18. Toronto-Dominion Bank, the second-largest, dropped 0.7 percent to C$79.25. Bank of Nova Scotia slipped 1.4 percent to C$52.32.

Miners Slip

Goldcorp dropped 0.4 percent to C$33.68, falling for a sixth day. Barrick Gold Corp. retreated 1.4 percent to C$35.17 for a seventh straight session of declines, its longest losing streak since March. Eldorado Gold Corp., a Vancouver-based gold miner with projects in Brazil, China, Turkey and Greece, slipped 3.4 percent to C$10.94.

Semafo Inc., a Quebec-based gold mining company with projects in West Africa, plunged 22 percent to C$3.39, the most since 2002, after the company announced an increase in reserves and resources. Royal Bank of Canada analyst Jonathan Guy said the update “fails to impress,” and BMO Capital Markets analyst Andrew Breichmanas downgraded the stock from outperform to perform.

Energy stocks declined as crude swung between gains and losses, turning positive after the U.S. announced more sanctions on Iran. Suncor slipped 1.4 percent to C$28.85. Canadian Natural Resources lost 1.4 percent to C$26.10.

Calvalley Petroleum Inc., a company that explores for oil and natural gas in Ethiopia and Yemen, tumbled 17 percent to C$2.12 as DNO International ASA dropped its bid to purchase the company.

To contact the reporter on this story: Katia Dmitrieva in New York at

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.