Canadian stocks capped the longest losing streak since January as a deepening of the commodities rout pushed shares in materials producers to the lowest level since 2008.
First Quantum Minerals Ltd. and Teck Resources Ltd. retreated at least 2.5 percent as the selloff in gold spread to metals from copper to zinc and tin. Energy producers continued their slide, with the group sinking to a six-year low as crude fell below $50 a barrel in New York. Bombardier Inc. slumped 3.9 percent to an August 1993 low, on concern demand is weakening for business jets.
The selloff in commodities, with gold slumping a 10th day in the longest run of losses since 1996, is squeezing miners around the world. Producers of energy and raw materials, which account for about 30 percent of the equity benchmark, are the worst-performing stocks in Canada this year.
The Standard & Poor’s/TSX Composite Index fell 69.12 points, or 0.5 percent, to 14,307.12 at 4 p.m. in Toronto, for a fourth day of losses. The gauge is lower by 2.2 percent on the year.
The Bloomberg Commodity Index of 22 raw materials resumed declines, slipping 1.1 percent to an April 2002 low. Barrick Gold Corp. lost 0.9 percent for a ninth decline in 10 days, touching a 1990 low, and Iamgold Corp. fell 6.3 percent as raw-materials producers sank 0.9 percent as a group.
Five of 10 industries in the S&P/TSX fell on trading volume 25 percent higher than the 30-day average today.
Energy producers declined 1.5 percent for a fourth straight decline. Oil fell 3.3 percent in New York, approaching a bear market, or 20 percent drop from a June peak.
West Fraser Timber Co. sank 4.2 percent to lead a drop among lumber products companies after reporting second-quarter profit short of analysts’ estimates.