Canada Stocks Fluctuate Amid Global Data as Commodities Slump
Canadian stocks fluctuated, after falling the most in three weeks yesterday, as investors assessed corporate earnings and data showing manufacturing gains in the U.S. and China.
Norbord Inc. jumped 5.4 percent as the panelboard producer’s earnings topped estimates. Clearwater Seafoods Inc. rallied climbed 6.8 percent after declaring a dividend for the first time. Barrick Gold Corp. (ABX), the world’s largest producer of gold, dropped 5.9 percent as it plans to sell shares to raise at least $3 billion. Taseko Mines Ltd. plunged 13 percent after a federal review panel said its project in British Columbia has significant adverse environmental effects.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 8.63 points, or 0.1 percent, to 13,369.89 at 10:19 a.m. in Toronto. The benchmark Canadian equity gauge advanced 4.5 percent in October for a fourth month of gains.
Data from the U.S. showed an index of manufacturing rose last month to the highest level since April 2011. An earlier report from China indicated the nation’s official manufacturing Purchasing Managers’ Index rose more than estimated in October. The U.S. and China are Canada’s two biggest trading partners.
Materials and energy producers fell as investors sold dollar-denominated commodity assets amid speculation the European Central Bank would cut interest rates.
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