Canadian stocks fell for a second day after a former BlackBerry co-chief executive cut his stake in the smartphone maker and investors weighed earnings from companies including Encana Corp. and Barrick Gold Corp.
BlackBerry tumbled 2.5 percent after James Balsillie, co- founder of the company, reported holdings of 0 shares as of Dec. 31. Encana slumped 4.7 percent after reporting a loss amid a glut of natural gas supply in North America. Cenovus Energy Inc. dropped 1.2 percent after posting a fourth-quarter loss. Barrick, the world’s largest gold producer, climbed 2.9 percent and Kinross Gold Corp. jumped 5.1 percent after both companies reported adjusted earnings ahead of estimates.
The Standard & Poor’s/TSX Composite Index fell 21.46 points, or 0.2 percent, to 12,753.82 at 10:19 a.m. in Toronto. The S&P/TSX has risen 3.2 percent over the past 12 months, underperforming every developed market in the world except Italy and Spain, according to data compiled by Bloomberg.
To contact the reporter on this story: Eric Lam in Toronto at firstname.lastname@example.org
To contact the editor responsible for this story: Lynn Thomasson at email@example.com