Canada Stocks Fall a 2nd Day as Oil Drops on China DemandEric Lam
Canadian stocks fell a second day, dropping to a five-week low, as commodities producers retreated after China reduced imports a second month.
BlackBerry Ltd. lost 7.4 percent after analysts at Goldman Sachs Group Inc. lowered their rating for the stock. Concordia Healthcare Corp. soared 26 percent after agreeing to buy assets from privately held Covis Pharma Holdings Sarl for $1.2 billion. Suncor Energy Inc. lost 2.6 percent for a fourth straight loss, the longest streak since November.
The Standard & Poor’s/TSX Composite Index fell 98.01 points, or 0.7 percent, to 14,854.49 at 4 p.m. in Toronto, the lowest close since Jan. 30. The benchmark Canadian equity gauge lost 1.9 percent last week, its worst since Jan. 9, to close at the lowest level since Feb. 2.
Pacific Rubiales Energy Corp. fell 9.6 percent and Penn West Petroleum Ltd. declined 6.4 percent to pace a 1.9 percent drop in energy producers. Six of the 10 industries in the S&P/TSX retreated on trading volume 19 percent lower than the 30-day average.
Barrick Gold Corp. and Goldcorp Inc. slumped at least 2.5 percent as raw-materials producers tumbled 1.6 percent. Raw-materials and energy make up about a third of the S&P/TSX.
Chinese crude imports fell by 2.43 million metric tons in February to 25.6 million tons. The country’s Lunar New Year crimped imports of oil and other commodities including iron ore and copper.
Concordia surged to a record. The Toronto-based company will buy almost all of the commercial assets of Covis Pharma Sarl and Covis Injectables Sarl to diversify sales and boost margins. The portfolios include 18 branded and generic products.
Canadian National Railway Co. slipped 1.1 percent after one of its eastbound trains carrying crude oil derailed and caught fire on March 7.