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Canada Stocks Snap Two Days of Gains as Oil Slumps on Iran Deal

Nov. 25 (Bloomberg) -- Canadian stocks fell for the first time in three sessions as oil slid after Iran and world powers reached an interim accord on the country’s nuclear program.

Detour Gold Corp., the worst-performing stock in the Standard & Poor’s/TSX Composite Index this year, plunged 12 percent after its chief executive officer resigned. Kirkland Lake Gold Inc. sank 17 percent to a 10-year low after saying second-quarter gold production was lower than previously reported. BlackBerry Ltd. gained 1.4 percent after the smartphone maker announced the departures of three top executives.

The S&P/TSX fell 6.12 points, or 0.1 percent, to 13,472.22 at 4 p.m. in Toronto. The benchmark equity gauge has risen 8.4 percent this year, the third-worst performer among developed markets, ahead of Hong Kong and Singapore.

“People are sitting on the fence, waiting to see whether some of the economic indicators turn more positive,” said David Cockfield, fund manager with Toronto-based Northland Wealth Management. The firm manages about C$225 million ($213.2 million). “There’s not enough enthusiasm on the other side of the market to drive things higher.”

Iran agreed to curtail its nuclear activities and in return won an easing of “certain sanctions” on oil, auto parts, gold and precious metals. The deal was announced yesterday after five days of talks in Geneva.

Commodities Slide

Energy stocks sank 0.4 percent as a group, one of five industries to decline among 10 in the S&P/TSX. Trading volume was 15 percent above the the 30-day average at this time of the day.

Suncor Energy Inc. decreased 1.9 percent to C$37.24 and Canadian Oil Sands Ltd. slipped 1.1 percent to C$20.15. Crude for January delivery retreated 0.8 percent to settle at $94.09 a barrel in New York for a second day of declines.

Detour Gold plunged 12 percent to C$3.77, the lowest since December 2008. Gerald Panneton, who had served as CEO since 2006, resigned and will be replaced by Chief Financial Officer Paul Martin on an interim basis while the board looks for a replacement.

Detour Gold faces “near-term challenges,” Michael Kenyon, the executive chairman, said in a statement. The stock has slumped 85 percent this year, the worst performer in the benchmark equity gauge.

Kirkland Lake Gold sank 17 percent to C$2.54, the lowest close since April 2003. The gold mining company, which is developing a project at Kirkland Lake, Ontario, said it produced 31,387 ounces of gold at the site in the second quarter, short of a Nov. 13 report of 34,935 ounces.

The correction came after a review of inventory procedures and mill protocols, the company said in a statement.

BlackBerry Shake-up

BlackBerry, the Waterloo, Ontario-based smartphone maker, added 1.4 percent to C$6.60. The company said Chief Financial Officer Brian Bidulka has been replaced by James Yersh, while Chief Operating Officer Kristian Tear and Chief Marketing Officer Frank Boulben are leaving the company.

Bidulka will stay on as a special adviser to Chief Executive Officer John Chen for the rest of the fiscal year, BlackBerry said in a statement. Chen took over BlackBerry on Nov. 4 after previous CEO Thorsten Heins stepped down following a failed attempt by Fairfax Financial Holdings Ltd. to acquire the company.

Sears Canada Inc. added 1.9 percent to C$18.25, the highest close since June 2011. A Sears spokesman said a New York Post report yesterday that Eddie Lampert, CEO of Sears Holdings Corp., was looking to sell Sears Canada was false.

Martinrea International Inc., a metal parts maker based in Vaughan, Ontario, slid 8.8 percent to C$8.39 for a fourth day of losses. The company on Nov. 22 said it had received a reply and statement of defense from Nat Rea, former vice chairman of Martinrea, and plans to respond in a filing this week.

The company has filed a counterclaim against an earlier lawsuit from Rea in September alleging breach of fiduciary duties by some directors and officers of the company related to transactions involving certain suppliers. The claims have not been proven in court.

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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