Canada Stocks Fall, Cap 3rd Weekly Loss Amid Greek Debt TalksEric Lam
Canadian stocks fell a second day, capping a third weekly loss, as global markets retreated amid growing concern negotiators will fail to avoid a Greek default.
Toronto-Dominion Bank slipped 1 percent to pace declines among lenders. Bankers Petroleum Ltd. and Canadian Natural Resources Ltd. retreated more than 3.8 percent as crude fell a second day to pare a weekly gain. Dominion Diamond Corp. slumped 7.3 percent, dropping for a second straight day after reporting earnings.
The Standard & Poor’s/TSX Composite Index lost 89.73 points, or 0.6 percent, to 14,741.15 at 4 p.m. in Toronto. The gauge declined 1.4 percent this week.
Canaccord Genuity Group Inc. dropped 3.9 percent and AGF Management Ltd. retreated 3 percent as financial-services companies declined 0.5 percent. Eight of 10 industries in the benchmark Canadian equity gauge retreated on trading volume 22 percent lower than the 30-day average.
The S&P/TSX joined declines in developed equity markets around the world, with the S&P 500 losing 0.7 percent in New York and the Stoxx Europe 600 falling 0.9 percent.
European officials are preparing for the worst after an International Monetary Fund team left Brussels earlier this week, despairing of Greek Prime Minister Alexis Tsipras’s tactics. Tsipras is sending a delegation to Brussels with a new set of proposals for creditors with a goal to narrow differences before a meeting of finance ministers in Luxembourg on Thursday.
Canadian households kept debt at near-record levels in the first quarter, at 163.3 percent of disposable income, compared with a revised 163.6 in the prior quarter, Statistics Canada said Friday in Ottawa. Household net worth rose 3.4 percent to C$8.65 trillion.
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