Canadian stocks fell for a third day as oil and gold producers retreated and factory sales dropped the most in almost four years.
Goldcorp Inc., the second-biggest gold miner by market value, lost 2.6 percent after quarterly sales fell short of analysts’ estimates and the metal slumped to a six-month low. Energy producers slid as oil dropped amid declining euro-area exports. Rogers Communications Inc. rallied 3.9 percent after Chief Executive Officer Nadir Mohamed announced his plans to step down next January.
The Standard & Poor’s/TSX Composite Index fell 26.62 points, or 0.2 percent, to 12,695.17 at 10:24 a.m. in Toronto. The benchmark index is down 0.8 percent this week, headed for the biggest weekly loss in three months.
Canadian factory sales fell 3.1 percent in December, the most since May 2009, as car assembly plants experienced longer- than-usual seasonal shutdowns, Statistics Canada said today in Ottawa.
To contact the reporters on this story: Sarah Pringle in New York at email@example.com; Eric Lam in Toronto at firstname.lastname@example.org
To contact the editor responsible for this story: Lynn Thomasson at email@example.com