BLBG: Canadian Stocks Fall, Led by Gold Producers; Barrick Declines
Canadian stocks retreated for the first time in six days, led by raw-materials producers, as gold and copper declined.
Goldcorp Inc., Barrick Gold Corp. and Yamana Gold Inc. retreated at least 1.9 percent as bullion fell for a second day on speculation the economy will improve, eroding the appeal of the precious metal as a haven. Canadian Natural Resources Ltd. and Husky Energy Inc. dropped as natural gas traded near a six- year low.
The Standard & Poor’s/TSX Composite Index fell 0.4 percent to 8,350.09 at 10:33 a.m. in Toronto, as 106 stocks declined and 98 advanced. Canada’s main stock benchmark rose 9.4 percent for its biggest weekly gain since Jan. 2 last week. It had fallen to the lowest in five years on March 9 after global financial institutions posted more than $1.2 trillion in credit losses.
Goldcorp, the world’s second-largest gold producer by market value, fell 1.9 percent to C$36.39. Barrick, the biggest, declined 2.4 percent to C$36.69. Yamana lost 3.2 percent to C$9.94. Gold futures for April delivery dropped 0.6 percent to $916.20 an ounce on the Comex division of the New York Mercantile Exchange.
Materials companies, the third-largest industry group in the S&P/TSX after financials and energy companies, contributed most to the benchmark’s decline.
Canadian Natural Resources, the country’s second-biggest gas producer, fell 0.9 percent to C$47.27. Husky Energy, which operates oil and natural-gas wells from Canada to Indonesia, declined 1.9 percent to C$26.50.