Bloomberg News

Canada Stocks Little Changed as Gold Producers Drop, Banks Rise

January 04, 2013

Canadian stocks were little changed as gold sank to a four-month low after better-than-expected U.S. jobs data, while technology and financial shares rose.

Kinross Gold Corp. and Agnico-Eagle Mines Ltd. slipped at least 1.6 percent as the price of the metal fell. Lululemon Athletica Inc. (LLL), the yoga apparel retailer, dropped 5.2 percent after analysts with Credit Suisse cut the stock’s rating on sales concerns. Toronto-Dominion Bank and Bank of Nova Scotia advanced at least 0.3 percent.

The Standard & Poor’s/TSX Composite Index (SPTSX) fell 2.59 points, or less than 0.1 percent, to 12,467.85 at 10:15 a.m. in Toronto. The benchmark gauge has risen 1.1 percent this week.

U.S. payrolls rose by 155,000 workers last month, ahead of economists’ expectations, Labor Department figures showed today in Washington. The unemployment rate held at 7.8 percent after the November figure was revised up from a previously reported 7.7 percent.

Federal Reserve minutes released yesterday showed a divide among Fed members on how long the monthly bond purchases should last, sending the U.S. dollar higher. Gold futures are down for a sixth week, the longest run since May 2004.

Canada’s unemployment rate fell to a four-year low of 7.1 percent in December and employment rose by 39,800, according to data released by Statistics Canada today.

To contact the reporter on this story: Eric Lam in Toronto at elam87@bloomberg.net

To contact the editor responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net


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