Canadian Stocks Fall as Gold Futures Decline; Shaw Retreats
Canadian stocks fell for a second day, heading for the first weekly decline in six weeks, as gold producers fell with prices for the precious metal.
Barrick Gold Corp., the world’s largest producer, declined 0.6 percent as gold prices fluctuated in New York after dropping to a two-week low. Shaw Communications Inc., Canada’s largest cable and satellite television provider, decreased 4.1 percent after reporting earnings that missed the average analyst estimate. Copper producer Lundin Mining Corp. climbed 7 percent after the Democratic Republic of Congo confirmed a joint venture’s mining contract.
The Standard & Poor’s/TSX Composite Index slipped 27.94 points, or 0.2 percent, to 12,571.29 as of 10:03 a.m. in Toronto. For the week, the index has lost 0.3 percent.
If the S&P/TSX ends the week with a gain, it would mark the sixth-straight weekly increase, the longest streak since April 2009. The Thomson Reuters/Jefferies CRB Commodity Price Index has surged 7.4 percent during the period through yesterday as the U.S. dollar has declined on speculation central-bank stimulus measures will weaken the currency.
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