- Raw-material producers rise for the first time in three days
- Concordia tumbles after earnings fall short of estimates
Canadian stocks retreated for a third day, as disappointing earnings from Concordia Healthcare Corp. dragged drugmakers lower and financial shares slumped.
The Standard & Poor’s/TSX Composite Index fell 0.2 percent to 13,358.11 at 4 p.m. in Toronto. The benchmark gauge has lost 1 percent in the holiday-shortened week, capping the longest streak of losses since Feb. 11. The index remains one of the top performers among developed markets this year with a gain of 2.7 percent.
Trading was 35 percent below the 30-day average, continuing a stretch of light volume. Exchanges are closed tomorrow for the Easter holiday.
Sinking commodity prices from oil to gold to copper hit the resource-rich index in the week, as a rally in the U.S. dollar sent assets denominated in the greenback tumbling. Raw-materials producers pared the weekly decline Thursday, reversing earlier losses.
Health-care stocks faltered. Concordia plunged as much as 13 percent, the most since October, after the company posted earnings that missed analysts’ estimates. Valeant Pharmaceuticals International Inc. slipped 6.7 percent to halt a three-day rally that added 26 percent to shares in the embattled drugmaker.
Lenders contributed the most to declines in the benchmark. The group has retreated three consecutive days. Genworth MI Canada Inc. tumbled 4.2 percent, while Home Capital Group Inc. lost 3.5 percent.
Westshore Terminals Investment Corp. rose 5.2 percent to its highest close since Dec. 4, after the company was upgraded by Toronto-Dominion.
Canadian stocks have rebounded 13 percent after hitting a 2 1/2-year low in January. The index is now trading at 21.2 times earnings, about 15 percent more expensive than the valuation of the U.S. equity benchmark, the Standard and Poor’s 500 Index, data compiled by Bloomberg show.