BLBG: Canadian Stocks Retreat for Second Day as Energy, Gold Producers Decline
Canadian stocks fell for a second day, led by energy and gold producers, as commodity prices declined.
Canadian Natural Resources Ltd., the nation’s second- largest energy company by market value, slipped 0.6 percent to $34.03. Barrick Gold Corp., the world’s largest gold producer, fell 1.1 percent to $46.47.
The Standard & Poor’s/TSX Composite Index declined 41.23 points, or 0.3 percent, to 12,149.37 as of 9:58 a.m. in Toronto.
After climbing 1.4 percent while the S&P 500 dropped 5.9 percent in the first eight months of the year, the S&P/TSX rose 2.4 percent this month through Sept. 24 while the S&P 500 and the MSCI World Index each surged 9.5 percent. World stock indexes have gained this month in part on U.S. economic data indicating the chances of a return to recession have decreased.
An index of gold and materials stocks was the biggest drag on the S&P/TSX.
To contact the reporter on this story: Tara Lachapelle in New York at tlachapelle@bloomberg.net
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.
