Canada Stocks Fall Amid Earnings as BlackBerry Tumbles
Canadian stocks fell for a second day after a former BlackBerry co-chief executive cut his stake in the smartphone maker and investors weighed earnings from companies including Encana Corp. and Barrick Gold Corp.
BlackBerry tumbled 2.5 percent after James Balsillie, co- founder of the company, reported holdings of 0 shares as of Dec. 31. Encana slumped 4.7 percent after reporting a loss amid a glut of natural gas supply in North America. Cenovus Energy Inc. dropped 1.2 percent after posting a fourth-quarter loss. Barrick, the world’s largest gold producer, climbed 2.9 percent and Kinross Gold Corp. jumped 5.1 percent after both companies reported adjusted earnings ahead of estimates.
The Standard & Poor’s/TSX Composite Index fell 21.46 points, or 0.2 percent, to 12,753.82 at 10:19 a.m. in Toronto. The S&P/TSX has risen 3.2 percent over the past 12 months, underperforming every developed market in the world except Italy and Spain, according to data compiled by Bloomberg.
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