Canada Stocks Fall as Copper Slides, Carney Cuts Growth Forecast
Teck Resources Ltd., Canada’s largest diversified miner, and First Quantum Minerals Ltd. (FM) dropped at least 3.8 percent as copper plunged. Suncor Energy Inc. and Canadian Natural Resources Ltd. lost more than 1.2 percent as crude fell for the fourth time in five days.
The Standard & Poor’s/TSX Composite Index (SPTSX) fell 94.27 points, or 0.8 percent, to 12,025.65 at 10:23 a.m. in Toronto. The benchmark equity gauge has fallen 3.3 percent this year.
The Bank of Canada cut its growth forecast for 2013 to 1.5 percent from 2 percent as “a material degree of slack has re- emerged in the Canadian economy,” policy makers with the bank said today. The bank also held the benchmark interest rate at 1 percent for the 21st consecutive meeting, as expected by all 23 economists surveyed by Bloomberg.
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