Canada Stocks Fall as Energy Stocks Fall With Oil PricesGerrit De Vynck
Canadian stocks fell the most in two weeks, pulled down by energy stocks, as the price of West Texas Intermediate crude extended its longest losing streak since 2009.
Canyon Services Group Inc. and RMP Energy Inc. fell at least 4.9 percent to pace losses among energy companies on the benchmark Canadian index. Telus Corp. and Rogers Communications Inc. dropped more than 1.5 percent as phone companies slid. BlackBerry Ltd. jumped 5.7 percent.
The Standard & Poor’s/TSX Composite Index fell 42.03 points, or 0.3 percent, to 15,172.93 at 4 p.m. in Toronto. The gauge is up 11 percent this year.
Energy companies fell 0.8 percent as a group as West Texas Intermediate fell for a seventh day and Brent oil dropped ahead of a planned increase in exports from Libya.
Canyon Service Group fell 8.6 percent to C$18.17 and RMP Energy decreased 4.9 percent to C$9.42.
Telecommunications companies lost 1.1 percent, the most among the 10 industries in the benchmark index, as the Canadian government said it will auction additional wireless spectrum next year to smaller carriers in a bid to fuel competition for telephone services. Telus, BCE Inc. and Rogers Communications together control 90 percent of the nation’s wireless customers.
BlackBerry gained 5.7 percent to C$12.01, its biggest gain since June 20, the day after it reported better-than-forecast earnings. Chief Executive Officer John Chen has said he has stabilized the company to the point where he is working toward revenue growth next year.
Avino Silver & Gold Mines Ltd. gained 2.5 percent to C$2.35 after saying it would sell up to $25 million in new shares. The company said it plans to use the money to acquire and develop the Bralorne mine in British Columbia.
Crown Point Energy Inc. lost 4 percent to 37 Canadian cents after saying it sold its El Valle oil concession in Argentina for $525,000.
Alimentation Couche-Tard Inc. fell 1.9 percent to C$28.80 after the convenience store operator missed analyst estimates for its fourth-quarter earnings.