Canadian Stocks Fluctuate as Encana, Loblaw Advance on Profit
Encana rose 0.5 percent after posting its first quarterly profit in more than a year. Loblaw, Canada’s largest grocer, gained 1.6 percent as profit climbed on higher food and clothing sales. Rogers Communications Inc. (RCI/B), Canada’s largest wireless carrier, advanced 2.2 percent as sales climbed during the quarter. Agnico Eagle Mines Ltd. and Barrick Gold Corp. led declines among commodity shares, losing at least 2.2 percent.
The Standard & Poor’s/TSX Composite Index (SPTSX) lost 5.43 points, or less than 0.1 percent, to 12,739.95 at 9:59 a.m. in Toronto. The gauge has gained 2.5 percent this year.
China’s manufacturing weakened more than estimated in July, according to a preliminary purchasing managers’ index reading of 47.7 released by HSBC Holdings Plc and Markit Economics. Levels below 50 indicate contraction.
Cenovus Energy Inc. sank 3.4 percent as second-quarter profit slumped 55 percent on higher currency losses and lower hedging gains.
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