Canada Stocks Fall, Extend 4-Month Low as Crude Slips Below $90Eric Lam
Canadian stocks fell a fourth day, extending a four-month low, as energy producers dropped after Brent crude tumbled to the cheapest since 2012. Valeant Pharmaceuticals International Inc. sank the most in two months.
Bankers Petroleum Ltd. and BlackPearl Resources Inc. tumbled at least 2.9 percent to pace declines among energy stocks. Valeant sank 3.7 percent to lead health-care shares lower. Sears Canada Inc. lost 1.1 percent after parent company Sears Holdings Corp. said it will offer shares of the unit to generate as much as $380 million. Canadian Pacific Railway Ltd. jumped 5.4 percent to a record as the company started talks on developing surplus lands.
The Standard & Poor’s/TSX Composite Index fell 44.80 points, or 0.3 percent, to 14,760.64 at 4 p.m. in Toronto, retreating for a fourth straight day. The index lost 4.3 percent in September, the most since May 2012, and fell 1.2 percent in the third quarter.
Canadian shares plunged as much as 1.8 percent, following a rout in European equities on speculation new stimulus measures won’t be enough to revive growth in the euro area. The S&P/TSX pared declines in late trading as U.S. crude reversed. Six of 10 industries in the S&P/TSX retreated on trading volume 40 percent higher than the 30-day average.
Crude in New York dipped below $90 a barrel for the first time in 17 months before rebounding, while Brent crude dropped to the lowest level since June 2012 amid signs that global supplies are outstripping demand.
Bankers Petroleum fell 4.8 percent to C$5.01 and BlackPearl lost 2.9 percent as energy producers slid 0.7 percent as a group.