BS: Canadian Stocks Fall as Gold, Oil Drop on Stronger U.S. Dollar
By Matt Walcoff
Jan. 20 (Bloomberg) -- Canadian stocks fell, led by energy and gold producers, as the U.S. dollar gained after China’s banking regulator said the country told some banks to limit lending.
Barrick Gold Corp., the world’s largest gold producer, declined 1.6 percent as the U.S. dollar increased the most in a month. Suncor Energy Inc., Canada’s largest oil and gas company, dropped 0.9 percent as crude oil futures declined to what would be their lowest closing price in four weeks. Teck Resources Ltd., the country’s biggest base-metals producer, lost 1.4 percent as copper and zinc retreated.
The Standard & Poor’s/TSX Composite Index slumped 58.12 points, or 0.5 percent, to 11,705.30 at 9:33 a.m. in Toronto.
The Canadian benchmark surged 31 percent last year as commodity prices increased on growth in emerging markets, especially China. The index has dropped 2.1 percent since China raised bank reserve requirements to cool its economy on Jan. 12.
--Editor: Stephen Kleege
To contact the reporter on this story: Matt Walcoff in Toronto at +1-416-203-5729 or mwalcoff1@bloomberg.net
To contact the editor responsible for this story: Nick Baker at +1-212-617-5919 or nbaker7@bloomberg.net