Canadian Stocks Little Changed as Oil, Gold Prices Drop

Canadian stocks were little changed, paring earlier gains, as mining and energy stocks fell with the price of gold and oil.

ShawCor Ltd. and Arc Resources Ltd. fell at least 1.7 percent, pacing losses among energy companies in the benchmark index. Calfrac Well Services Ltd. jumped 5.3 percent after more than doubling its budget for new investments. Tekmira Pharmaceuticals Corp. lost 17 percent after U.S. regulators put one of its drug studies on hold.

The Standard & Poor’s/TSX Composite Index fell 2.44 points, or less than 0.1 percent, to 15,207.35 at 4 p.m. in Toronto, after climbing as much as 0.3 percent earlier in the day. The gauge is up 12 percent this year, and closed at a record yesterday.

West Texas Intermediate crude fell for a sixth day, it’s longest falling streak in more than two years. Gold futures fell the most in almost five weeks after the U.S. added more jobs in June than analysts had predicted, stemming demand for the haven asset.

Alacer Gold Corp. and OceanaGold Corp. fell at least 3 percent to lead losses among gold miners in the index.

Unemployment in the U.S. fell to 6.1 percent, the lowest since September 2008, as the economy added 288,000 jobs in June. Analysts surveyed by Bloomberg had predicted an average increase of 215,000 new jobs.

“The numbers were good across the board, and surprisingly so,” Lawrence Creatura, a portfolio manager at Federated Investors Inc. in Rochester, New York, said by phone. He helps manage $366 billion. “So this is a clear positive surprise.”

Calfrac Well Services gained 5.3 percent to C$21.29 after saying it would increase its capital spending to C$360 million from C$150 million because of growing demand in the U.S.

Tekmira fell 17 percent to C$12.18 after the U.S. Food and Drug Administration told the Burnaby, British Columbia-based company its study into the safety of a prospective anti-Ebola drug was being put on hold.

Cathedral Energy Services Ltd. gained 1.4 percent to C$4.99 as National Bank Financial raised its rating on the stock to outperform from the equivalent of a hold.

Terrace Energy Corp. fell 2.4 percent to C$2.05 after saying it would sell 10.8 million new shares for C$1.85 million to fund new exploration and development.