Canada Stocks Little Changed as Energy, Railways ReboundEric Lam
Canadian stocks were little changed, at a three-week low, as losses among gold producers and banks offset a rebound in energy and industrials shares.
Semafo Inc. and Iamgold Corp. retreated with the price of bullion. Bank of Montreal dropped 2.3 percent, the most since October, as profit missed estimates. Air Canada, the nation’s largest airline, advanced a fourth day to extend a six-year high. Keyera Corp. and Trilogy Energy Corp. climbed at least 3.6 percent as crude pared an earlier loss.
The Standard & Poor’s/TSX Composite Index fell 5.25 points, or less than 0.1 percent, to 14,620.07 at 4 p.m. in Toronto, erasing earlier gains of as much as 0.6 percent. The equities benchmark has fallen five straight days to pare its gain this year to 7.3 percent.
Telus Corp. tumbled 3.3 percent to C$41.83, the most since June 2013, as telephone stocks lost 1.6 percent as a group. Telus has reportedly struck a deal to share its network with Wind Mobile customers to hep the wireless carrier expand its service across Canada.
Canadian Pacific Railway Ltd. rallied 3.7 percent to C$220.51 and Canadian National Railway Co. gained 1.5 percent to C$78.23 as industrial companies rebounded 1.4 percent, the most in the S&P/TSX. The group had slumped 7 percent in the previous two days.
Air Canada added 0.8 percent to C$11.51, the highest close since January 2008. WestJet Airlines Ltd. jumped 1.9 percent to C$34.19, an all-time high. Shares of the Calgary-based carrier have soared 14 percent in five days.
Keyera jumped 5 percent to C$82.18 and Trilogy Energy rallied 3.6 percent to C$10 as the S&P/TSX Energy Index rebounded 0.8 percent to snap a six-day losing streak. Seven of 10 industries rose on trading volume 34 percent higher than the 30-day average today.
West Texas Intermediate fell 3.1 percent to $66.88 a barrel in New York. Brent dropped in London. Crude had the biggest monthly loss in November in almost six years after the Organization of Petroleum Exporting Countries signaled it will leave it to the market to curb a glut.