Canada Stocks Fall, Headed for Weekly Loss as Jobs Report Misses
Canadian stocks fell after employment unexpectedly decreased in July and corporate profits trailed analysts’ estimates.
Dorel Industries Inc. (DII/B) plunged 15 percent after reporting earnings short of projections and announcing plans to cut its workforce. Black Diamond Group Ltd. lost 4.6 percent as the company posted lower-than-estimated profit. BlackBerry Ltd. (BB) rose 4.1 percent after Reuters reported that the smartphone maker was considering going private. Magna International Inc. climbed 2.5 percent after reporting record sales in its second quarter.
The Standard & Poor’s/TSX Composite Index (SPTSX) fell 14.88 points, or 0.1 percent, to 12,538.04 at 9:49 a.m. in Toronto. The index has fallen 0.4 percent this week, headed for the biggest loss since June 21.
Employment fell by 39,400 last month, while the jobless rate rose to 7.2 percent from 7.1 percent, Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg News projected a 10,000 job gain and an unchanged jobless rate, according to the median forecasts in surveys with 23 responses.
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