Canadian stocks fell the most since March amid data showing a record national trade deficit and a global selloff in equities as concern grew that Greece won’t resolve its debt crisis.
Royal Bank of Canada and Toronto-Dominion Bank, the nation’s largest lenders, retreated at least 0.8 percent as financial stocks slumped. Alimentation Couche-Tard Inc., the convenience store operator, lost 2.7 percent to pace a decline among consumer-staples retailers. Canadian Pacific Railway Ltd. and Canadian National Railway Co., the nation’s largest rail operators, tumbled at least 1.5 percent.
The Standard & Poor’s/TSX Composite Index fell 193.53 points, or 1.3 percent, to 15,173.94 at 4 p.m. in Toronto, the biggest decline since March 10. Tuesday’s slide trimmed the benchmark Canadian equity gauge’s advanced in 2015 to 3.7 percent.
The MSCI All-Country World Index fell 0.9 percent, as the U.S. benchmark S&P 500 slumped the most in almost six weeks and the Stoxx Europe 600 Index dropped to an eight-week low.
Wolfgang Schaeuble, the German Finance Minister, said Greece and its creditors may not be able to complete the work needed for an agreement on financial aid before about 1 billion euros ($1.1 billion) of payments become due to the International Monetary Fund on May 12.
Canada posted a record trade gap in March as the value of energy exports declined and imports of consumer goods increased. The C$3.02 billion deficit topped the C$2.87 billion record set in July 2012 and exceeded the highest forecast of C$1.33 billion in a Bloomberg economist survey.
All 10 industries in the S&P/TSX retreated at least 0.5 percent, on trading volume 10 percent higher than the 30-day average today.
Couche-Tard fell 2.7 percent and Loblaw Cos. lost 1.3 percent as consumer-staples companies declined 1.5 percent as a group. Industrial stocks tumbled 1.9 percent, led by the railroad operators.
Pacific Rubiales Energy Corp. jumped 18 percent in trading on alternative markets after the company received a takeover approach by Alfa SAB and Harbour Energy Ltd. that values it at about $6 billion including debt, according to people with knowledge of the matter.