Canada Stocks Cap Biggest 2-Day Drop Since 2013 on CrudeEric Lam
Canadian stocks fell, capping the biggest two-day decline in 19 months, as financial shares tumbled and energy producers extended losses with the price of oil.
Bank of Nova Scotia and Toronto-Dominion Bank fell at least 1.2 percent to contribute most to losses in the benchmark index. Bankers Petroleum Ltd. and Surge Energy Inc. each lost 14 percent as energy shares tumbled the most over two days since 2011. Kinross Gold Corp. and Semafo Inc. rose at least 5.7 percent as gold advanced with investors seeking a haven from slumping equities markets.
The Standard & Poor’s/TSX Composite Index fell 145.93 points, or 1 percent, to 14,246.77 at 4 p.m. in Toronto, the lowest since Dec. 17. The benchmark equity gauge has fallen 3.4 percent in two days, the most since April 15, 2013.
Eight of the 10 main industries in the S&P/TSX fell as trading volume was 15 percent higher than the 30-day average today.
Laurentian Bank of Canada sank 3.5 percent and Bank of Nova Scotia dropped 1.2 percent as the S&P/TSX Banks Index tumbled 1.4 percent for a fifth day of losses. The group has fallen 4.3 percent in that time, to a three-week low.
Bankers Petroleum and Surge Energy retreated as energy producers slipped 2.6 percent as a group. The energy index has lost 7.9 percent in two days, the most since August 2011.
West Texas Intermediate oil futures extended declines below $48 a barrel to the lowest level since April 2009.
Alimentation Couche-Tard Inc., which operates convenience stores and gas stations across North America and Europe, lost 4.1 percent to C$45.07 to pace declines among consumer staples stocks.
Kinross Gold climbed 14 percent and Semafo jumped 5.7 percent. Gold shares have rallied for seven days, to a October high, the longest streak since August 2012.