Canadian stocks fell a second day, retreating from a record, as energy producers slumped with crude headed for the longest losing streak in nine months and investors weighed earnings from Royal Bank of Canada.
Royal Bank, the first Canadian lender to report third-quarter results, dropped 1 percent. Whitecap Resources Inc. and Legacy Oil & Gas Inc. retreated at least 1.2 percent as crude declined on concern refineries will reduce demand.
The Standard & Poor’s/TSX Composite Index (SPTSX) fell 31.61 points, or 0.2 percent, to 15,524.48 at 10:30 a.m. in Toronto. The benchmark equity gauge closed at a record 15,561.95 on Aug. 20.
Whitecap Resources dropped 1.2 percent to C$18.32 and Legacy Oil & Gas retreated 1.4 percent to C$8.03 as energy producers fell 0.4 percent as a group. Four of 10 industries in the benchmark Canadian equity gauge retreated.
Crude for October delivery slipped 0.6 percent to $93.36 a barrel in New York. The crude price has dropped 4.2 percent this week, headed for a fifth straight week of declines as the end of summer driving season approaches.
U.S. Federal Reserve Chair Janet Yellen said slack remains in the U.S. labor market even after gains made during the past five years of economic recovery. Yellen is speaking today in Jackson Hole, Wyoming, at a symposium also being attended by European Central Bank President Mario Draghi.
Royal Bank, Canada’s second-largest lender by assets, lost 1 percent to C$80.86. The bank beat analysts’ estimates as investment-banking fees surged. Bank of Nova Scotia, National Bank of Canada and Bank of Montreal are scheduled to report earnings on Aug. 26.