MW: Benchmark logs weekly loss as energy stocks decline
By Carla Mozee, MarketWatch
LOS ANGELES (MarketWatch) -- Canadian equities dropped in a broad-based decline Friday, with pressure from shares of Agrium Inc. as well as from oil and gas issues as energy prices fell.
The S&P/TSX Composite Index (CA:ISPTX 11,382, -151.24, -1.31%) dropped 151 points, or 1.3%, to end at 11.382.13. The index posted a 1.1% loss for the week, its first in three.
Agrium Inc. (CA:AGU 55.52, -4.21, -7.05%) shares were a standout, falling 7.1% after the fertilizer giant warned that its third-quarter earnings are likely to tumble between 90% and 95% from the year-ago period, citing lower prices and margins for crop nutrients, particularly phosphate and potash, as reason for its outlook.
Shares of Potash Corp. of Saskatchewan (CA:POT 105.95, -2.13, -1.97%) also fell, by 2%.
Canadian Natural Resources (CA:CNQ 74.43, -2.05, -2.68%) and EnCana (CA:ECA 63.10, -1.77, -2.73%) shares each fell 2.7% and Husky Energy (CA:HSE 30.40, -0.55, -1.78%) gave up 1.8% as November natural-gas futures fell 3.2% to $4.787 per million British thermal units. Crude for December delivery slumped 0.8% to $81.19 a barrel, retreating from an intraday high of $81.78 a barrel.
The slide in energy prices also weighed on Wall Street, where the S&P 500 Index (SPX 1,080, -13.31, -1.22%) lost grip of earlier gains to finish down 1.2%, and the Dow Jones Industrial Average (INDU 9,972, -109.13, -1.08%) fell 109 points to 9,972. Read more about U.S. stocks.
Among material stocks on the Toronto Stock Exchange, Eldorado Gold (CA:ELD 12.53, +0.09, +0.72%) shares climbed 0.7%, Agnico-Eagle Mines (CA:AEM 72.10, -0.36, -0.50%) slipped 0.5% and Silver Wheaton (CA:SLW 14.67, +0.05, +0.34%) gained 0.3%. December gold futures turned lower as the dollar strengthened, pulling the dollar index (DXY 75.47, +0.37, +0.50%) up 0.5%.
Canada's currency weakened about 0.3% against the greenback, with one dollar buying C$1.052.
December gold fell 0.2% to $1,056.40 an ounce. But silver clung to 1% rise and copper advanced 1.2%.
Elsewhere, Bombardier (CA:BBD.B 4.69, -0.01, -0.21%) shares lost 0.2%, Canadian National Railway (CA:CNR 53.00, -1.15, -2.12%) fell 2.1%, pressuring the industrials group.
Financials were down as well, with Royal Bank of Canada (CA:RY 56.11, -0.46, -0.81%) off 0.8%.
