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Canadian stocks retreat as energy falls on profit-taking

Xinhua, June 9, 2016 Adjust font size:

Canada's main stock market in Toronto failed to follow up after a four-day advance on Wednesday as falling energy and healthcare stocks overshadowed gains in raw-material producers.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index lost 52.51 point, or 0.37 percent, to close at 14,313.10 points, after touching its 10-month highest level.

Oil prices rallied for a third straight session Wednesday. The West Texas Intermediate for July delivery increased 0.87 U.S. dollar to settle at 50.36 dollars a barrel, while Brent crude for August delivery gained 1.07 dollar to close at 52.51 dollars a barrel.

However, TSX energy sector ended up with a 2.15 percent loss, as Suncor Energy Inc. dropped 2.82 percent to 35.47 Canadian dollars (27.94 U.S. dollars) as the Calgary-based oil-sands producer said it would sell about 2.5 billion Canadian dollars in shares to cut debt and help fund acquisitions.

Cenovus Energy Inc. and Canadian Natural Resources Ltd. shut heavy oil facilities near Pelican Lake in Alberta due to another wildfire risk. Cenovus Energy fell 4.50 percent to 19.94 Canadian dollars and Canadian Natural Resources wend down 3.52 percent to 38.60 Canadian dollars.

Valeant Pharmaceuticals International Inc. dropped a fifth day, losing 3.21 percent to 30.46 Canadian dollars, and became the biggest drag on Canadian healthcare stocks the day after the company slashed its 2016 outlook.

Concordia Healthcare Corp. lost 3.50 percent to 30.91 Canadian dollars. The stock has plunged more than 20 percent over five days after potential suitors Blackstone Group and Carlyle Group walked away from the drugmaker.

Raw-materials producers jumped, as Barrick Gold climbed 1.5 percent to 24.40 Canadian dollars, and Silver Wheaton Corp. acquired 25 cents to 26.83 Canadian dollars.

Canadian dollar-store retailer Dollarama Inc. rose 1.94 percent to 94.39 Canadian dollars after the company reported a bigger-than-expected rise in first-quarter profit.

On the economic beat, Statistics Canada reported that building permits issued by municipalities edged down 0.3 percent to 6.9 billion in April.

This marked the second consecutive monthly decline and was largely the result of lower construction intentions in Ontario, Quebec and Nova Scotia.

Canada Mortgage and Housing Corporation reported the seasonally-adjusted annualized rate of housing starts fell to 188,570 units last month from a downwardly revised 191,388 in April. May's figure was short of economists' expectations for 190,000.

The Canadian dollar traded higher at 0.7876 U.S. dollar, compared with Tuesday's closing rate of 0.7830 U.S. dollar. Endit