Canada’s Stocks Fluctuate After U.S. Jobs Data; Paladin Drops
Canadian stocks were little changed after rallying the most in three weeks yesterday, as gains among precious metals producers offset losses in industrial shares after the U.S. added fewer jobs than forecast last month.
SNC-Lavalin Group Inc. (SNC), Canada’s largest engineering company, sank 6.1 percent after reporting an unexpected second-quarter loss. Bombardier Inc. dropped 1.3 percent as the aircraft maker said it’s still not certain when its CSeries jet will fly. Paladin Energy Ltd. (PDN) plunged 28 percent after saying yesterday that it will sell additional shares. Turquoise Hill Resources Ltd., a unit of Rio Tinto Group, jumped 16 percent for a third day of gains after agreeing to sell one of its assets.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 0.52 points to 12,594.48 at 10:14 a.m. in Toronto. The gauge has gained 1.3 percent this year.
U.S. payrolls rose by 162,000 last month, less than an estimated 185,000 and the smallest advance in four months. The unemployment rate dropped to 7.4 percent from 7.6 percent.
The U.S. Federal Reserve has indicated its $85 billion monthly bond buying may be trimmed should the economy meet its forecasts, though Chairman Ben S. Bernanke has said there’s no fixed schedule for reducing stimulus.
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