Canadian Stocks Drop for 2nd Day as Materials Decline With Gold

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Canadian stocks fell for a second day, sending the benchmark gauge to a two week low, as gold miners slumped with the price of the metal.

Osisko Gold Royalties Ltd. fell 7.5 percent and Alacer Gold Corp. slid 6.4 percent as the metal slid the most in six weeks. Cameco Corp. rose 5.6 percent and Pengrowth Energy Corp. added 2 percent as energy shares advanced with Brent crude.

The Standard & Poor’s/TSX Composite Index lost 41.67 points, or 0.3 percent, to 15,304.77 at 4 p.m. in Toronto. The slide trimmed the benchmark Canadian equity gauge’s advance this year to 4.6 percent, one of the worst performers among developed markets tracked by Bloomberg.

Six of 10 main industries in the S&P/TSX fell, with raw-materials companies losing 2.1 percent. Trading volume was 14 percent below the 30-day average.

Energy shares rose 0.4 percent as Brent climbed more than 1 percent as fighting in Yemen reignited concerns over supply disruptions in the region.

Gold miners fell 3.9 percent as futures on the metal declined 1.3 percent, the most since March 6.

The gold market has fluctuated around $1,200 an ounce since late March as concerns over Greek debt talks offset rising equities. Greece has been struggling to make progress toward releasing financial aid since striking a deal to extend its bailout program in February.

Valeant Pharmaceuticals International Inc. fell 2.4 percent after rallying yesterday to halt a five-day slide.

Cameco Corp jumped 5.6 percent, the most in the S&P/TSX, after announcing a C$350 million ($286 million) uranium contract with India.

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