Canada Stocks Fall a Second Day as Oil, Materials Shares Slide

Canadian stocks fell a second day, extending the biggest loss in three weeks, as energy and raw-materials producers declined.

Crew Energy Inc. lost 2.5 percent as crude slipped a fourth day. Teck Resources Ltd. slid 2.5 percent as the price of copper retreated the most in five weeks.

The Standard & Poor’s/TSX Composite Index fell 45.34 points, or 0.3 percent, to 13,548.85 at 4 p.m. in Toronto. The index rose 9.6 percent for 2013, its largest annual gain since 2010.

“We haven’t really started the new year yet, people are waiting for earnings,” said John Kinsey, fund manager with Caldwell Securities Ltd. The firm manages about C$1 billion ($940.9 million). “The market’s had a good run, price earnings multiples have gone up, so now investors are a little cautious hoping things won’t disappoint.”

Crew Energy dropped 2.5 percent to C$6.36 as energy stocks declined 0.5 percent as a group. Eight of 10 industries in the benchmark index retreated. Trading volume was 32 percent lower compared with the 30-day average at this time of the day.

Penn West Petroleum Ltd. lost 1 percent to C$9.09 and Talisman Energy Inc. fell 0.6 percent to C$12.36 as crude for February delivery declined 1.6 percent to settle at $93.96 a barrel in New York. The price has slumped 6.3 percent in the past week, capping the biggest weekly decline in 19 months.

Copper Falls

Teck Resources, Canada’s largest diversified miner, lost 2.5 percent to C$26.89 as the price of copper fell the most in five weeks. A gauge of Chinese services industries reached a four-month low, fanning concern about the demand outlook in the biggest global consumer of the metal.

Raw-materials shares slumped 1 percent, the most in the S&P/TSX. The group was the worst performer among 10 industries in the benchmark equity gauge last year, sliding 31 percent.

Detour Gold Corp., the worst-performing stock in the S&P/TSX in 2013, rallied 8.3 percent to C$4.94. The stock has jumped 23 percent in the past three days. The company re-opened a production mill facility at its Detour Lake gold mining project yesterday.

Alacer Gold Corp. increased 3.6 percent to C$2.32 and Semafo Inc. rose 4.2 percent to C$2.99 as gold for February delivery climbed 1.1 percent to $1,238.60 to extend its rally from the biggest annual loss in three decades.

BlackBerry Ltd., the struggling smartphone maker, declined 1.5 percent to C$8.09. The company yesterday said it was parting ways with R&B singer Alicia Keys, who was hired as global creative director in January 2013. The singer began her yearlong partnership with BlackBerry as the Waterloo, Ontario-based company began rolling out its BlackBerry 10 smartphones.