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Tags: Canada | Stock | Market | Loss

Canada's Stock Market Suffers Biggest Monthly Loss in 2 Years

Tuesday, 30 September 2014 05:26 PM EDT

Canadian stocks fell a second day Tuesday, capping the biggest monthly loss in more than two years, as oil slumped the most in almost two years and data showed economic growth in the nation unexpectedly stalled in July.

Ithaca Energy Inc. and BlackPearl Resources Inc. plunged at least 6.7 percent to pace declines among energy stocks. Detour Gold Corp. and Centerra Gold Inc. slipped at least 6 percent as the price of gold retreated to an eight-month low. Canadian Pacific Railway Ltd. climbed 1.7 percent to pace an advance among industrial companies.

The Standard & Poor’s/TSX Composite Index fell 16.41 points, or 0.1 percent, to 14,960.51 at 4 p.m. in Toronto. The index lost 4.3 percent in September, the most since may 2012, and fell 1.2 percent in the third quarter.

Canada’s gross domestic product was little changed in July, short of the median forecast for a 0.3 percent expansion in a Bloomberg survey of economists. Oil and gas extraction fell by 1.6 percent in July as cooler-than-normal temperatures curbed output of utilities, Statistics Canada said.

BlackPearl Resources slumped 6.7 percent to C$2.10 and Ithaca Energy lost 7.9 percent to C$2.10. Crude in New York sank 3.6 percent to $91.16 a barrel and plunged 13 percent in the quarter, the most since June 2012.

Detour Gold sank 6 percent to C$8.78 and Centerra Gold slumped 7.6 percent to C$5.02 as raw-materials stocks retreated 1 percent as a group, the most in the S&P/TSX.

Sherritt International Corp. plunged 11 percent to C$3.10, a six-month low. Nickel, which fell into a bear market Monday, lost 2.2 percent in London.

Industrial shares jumped 0.6 percent and financial stocks added 0.2 percent as six of 10 groups in the benchmark Canadian equity gauge rose on trading volume 25 percent higher than the 30-day average Tuesday.

© Copyright 2024 Bloomberg News. All rights reserved.


Markets
Canadian stocks fell a second day Tuesday, capping the biggest monthly loss in more than two years, as oil slumped the most in almost two years and data showed economic growth in the nation unexpectedly stalled in July.
Canada, Stock, Market, Loss
301
2014-26-30
Tuesday, 30 September 2014 05:26 PM
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