BLBG: Canada Stocks Fall on U.S. Jobless Claims, Oil Sell-Off
Canadian stocks declined for the first time this week as U.S. jobless claims topped forecasts and commodities such as oil and copper fell after reaching highs yesterday.
Suncor Energy Inc., the world’s second-largest oil-sands producer, dropped 2.9 percent as crude slid after reaching a sixth-month high yesterday. Potash Corporation of Saskatchewan Inc. fell 3.1 percent after saying it will decrease output of its namesake crop nutrient by 400,000 metric tons on weak demand.
The Standard & Poor’s/TSX Composite Index sank 171.54 points, or 1.7 percent, to 10,060.90 at 9:41 a.m. in Toronto. The benchmark gained 4.8 percent this week before today on a rally in oil and metals to come within 6 points of erasing last week’s loss, the steepest weekly drop since March.