BS: Canadian Stocks Fluctuate on Weaker Retail Sales Report in U.S.
June 11 (Bloomberg) -- Canadian stocks swung between gains and losses after the U.S. reported an unexpected decline in retail sales while gold futures advanced.
Cenovus Energy Inc., the oil company spun off from EnCana Corp. in December, dropped 0.5 percent as crude oil declined for the first time in four days. Barrick Gold Corp., the world’s largest producer of the metal, rose 0.8 percent as the euro weakened. Manulife Financial Corp., North America’s third- largest insurer, lost 1 percent after an analyst downgrade.
The Standard & Poor’s/TSX Composite Index rose 10.56 points, or 0.1 percent, to 11,646.41 at 9:55 a.m. in Toronto.
The S&P/TSX has fluctuated over the last three weeks as data showing economic growth in Canada and Asia has offset continuing concern over the European debt crisis. The Canadian benchmark is on track to outperform the S&P 500 for a seventh- straight year as the Canadian economy recovers more quickly than the U.S.
--Editor:
To contact the reporter on this story; Matt Walcoff in Toronto at mwalcoff1@bloomberg.net
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.
