Canadian Stocks Decline Amid Inflation Data as Gold Miners Gain

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Canadian stocks fell for a second day after a report showed the core inflation rate was the fastest in more than six years last month.

Technology stocks led losses among groups in the Standard & Poor’s/TSX Composite Index as DH Corp. and Sierra Wireless Inc. dropped more than 2.4 percent. Gold miners climbed 0.7 percent as futures on the metal rose. Energy shares climbed, capping their best week in two months.

The S&P/TSX lost 26.22 points, or 0.2 percent, to 15,360.55 at 4 p.m. in Toronto. The gauge slumped 0.6 percent in two days after reaching a seven-month high on Wednesday. It ended the week with a decline of 0.2 percent.

Canada’s core consumer price index, which excludes gasoline and seven other items with volatile prices, quickened to 2.4 percent from 2.1 percent in February, the fastest since December 2008, Statistics Canada reported Friday from Ottawa.

Data also showed Canadian retail sales rose faster than economists forecast in February, with gains across all major categories led by general merchandise stores and the first gain in car sales in five months.

Seven of 10 main industries in the S&P/TSX slid, with technology and consumer companies losing at least 0.6 percent. Trading in the index’s stocks was 18 percent below the 30-day average.

The S&P/TSX Gold Index added 0.7 percent. Gold futures rose on demand for a haven as Greece remained locked in negotiations to secure funding and avoid a default.

Alamos Gold Inc. jumped 3.8 percent, ending the week with a 9.6 percent advance. Barrick Gold Corp. surged 1.4 percent.

Energy companies added 0.4 percent as oil climbed 7.9 percent this week amid expectations that the idling of U.S. rigs is spurring a slowdown that will trim the global surplus.

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