Canada Stocks Fluctuate as Trade Deficit Narrows on Oil Exports
Canadian stocks fluctuated between gains and losses, after reaching a 19-month high yesterday, as the nation’s trade deficit narrowed to its lowest level in almost a year on higher crude exports.
Suncor Energy Inc. (SU), Canada’s largest oil producer, rose 1.3 percent as the price of crude increased. Teck Resources Ltd., the country’s largest diversified miner, climbed 0.4 percent as metals gained. Nordion Inc., a medical imaging technology manufacturer, advanced 2.3 percent after an analyst with RBC Capital Markets raised his rating for the stock.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 9.91 points, or 0.1 percent, to 12,841.87 at 10:26 a.m. in Toronto. The S&P/TSX has risen 3.3 percent this year. The benchmark average closed yesterday at its highest level since July 2011.
Canada recorded a trade deficit of C$237 million ($230 million) in January, narrower than a revised December shortfall of C$332 million, Statistics Canada said today. Economists surveyed by Bloomberg forecast the deficit would be C$600 million, based on the median of 20 estimates.
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