Canada Stocks Fluctuate Amid Earnings From Commodity Producers
Canadian stocks fluctuated after the benchmark index slipped two straight days, as investors weighed earnings from commodity producers including Teck Resources Ltd., Potash Corp. (POT) of Saskatchewan Inc. and Goldcorp (G) Inc.
Teck Resources jumped 3.3 percent as its profit beat estimates and the miner delayed a project in Chile. Encana Corp. rose 2.1 percent as oil erased an earlier loss. Goldcorp, the biggest gold producer by market value, dropped 1.4 percent after taking a $1.96 billion writedown due to falling gold prices. Potash Corp. slumped 5.2 percent as it lowered its 2013 profit forecast.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 15.25 points, or 0.1 percent, to 12,687.55 at 9:56 a.m. in Toronto. The gauge has gained 2 percent this year.
Six of 10 industries in the benchmark index rose today, ed by a 0.5 percent jump among energy producers. Fifteen companies in the S&P/TSX report earnings today and tomorrow, including TransCanada Corp. and Canadian Utilities Ltd.
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