Canada Stocks Fluctuate as Gold Shares Gain on Ukraine Tension
Canadian stocks were little changed as a rally in gold producers offset a decline in energy companies with crude trading close to a three-week low.
Novagold Resources Inc. and China Gold International Resources Corp. climbed at least 1 percent as gold headed for a four-month high. Ithaca Energy Inc. lost 2.8 percent to pace declines among energy stocks. WestJet Airlines Ltd. (WJA) slipped 0.5 percent after analysts at RBC Capital Markets lowered their rating for the stock due to concerns about the rate of fare increases.
The Standard & Poor’s/TSX Composite Index (SPTSX) lost 15.14 points, or 0.1 percent, to 14,286.92 at 10 a.m. in Toronto. The index has gained about 5 percent this year.
Gold for April delivery climbed 0.6 percent to $1,350 an ounce in New York as the standoff between Russia and Ukraine spurred demand for a haven. Germany told Russia it may face more sanctions if it doesn’t switch course in Crimea by next week and Ukraine’s deposed president warned of a possible civil war.
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