Canadian stocks fell for a third day, sending the benchmark index to its longest losing streak since February, as worse-than-estimated U.S. data spurred concern over global economic growth.
Nine of 10 industry groups in the Standard & Poor’s/TSX Composite Index (SPTSX) declined, with financial and energy companies contributing most to the index’s drop. Manulife Financial Corp. fell 2 percent. Toronto-Dominion Bank slipped 0.6 percent after its chief executive announced plans to retire in 2014. Encana Corp. dropped 2 percent as oil prices retreated. FirstService Corp. gained 3 percent after announcing a dividend and a plan to simplify its capital structure.
The S&P/TSX fell 75.21 points, or 0.6 percent, to 12,606.89 at 10:25 a.m. in Toronto, poised for the lowest close since Jan. 14. The gauge lost 1.1 percent over three days, the longest stretch of losses since Feb. 15.
American companies boosted employment by 158,000 workers in March, figures from the Roseland, New Jersey-based ADP Research Institute showed today. The median forecast of 39 economists surveyed by Bloomberg called for a 200,000 gain.
The Institute for Supply Management’s index of U.S. non- manufacturing businesses, which covers almost 90 percent of the economy, fell to 54.4 in March from 56 in the prior month, the Tempe, Arizona-based group said. The median forecast of 73 economists surveyed by Bloomberg was 55.5.
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