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Canadian stocks fell the most in two weeks, as energy companies are mired in a losing streak with talks among producers continuing ahead of the OPEC summit in Vienna this week.

The S&P/TSX Composite Index fell 0.4 percent to 15,015.36 at 4 p.m. in Toronto, the most since Nov. 11. Trading volume in the Canadian equity benchmark was 11 percent lower than the 30-day average. The index remains up 15 percent in 2016, the top performer among developed markets tracked by Bloomberg.

Energy producers led the index lower, falling 1.4 percent as a group for a third day of losses, the longest losing streak since Nov. 4. Seven of 11 industries in the S&P/TSX were lower. Canadian National Railway Co. and Canadian Pacific Railway Ltd. retreated as industrial stocks also declined.

Medical marijuana producer Canopy Growth Corp. jumped 5.9 percent after agreeing to buy German pharmaceutical distributor MedCann GmbH Pharma and Nutraceuticals. The Canadian government, meanwhile, is preparing to review a task force report on recreational legalization.

Among other moves:

  • Raw-materials producers rose 1.8 percent as industrial metals extended their winning streak. The Bloomberg Industrial Metals sub-index posted its biggest five-day gain since 2011 as zinc touched the highest level in nine years.
  • Teck Resources Ltd., the best-performing stock in the S&P/TSX this year, slipped 0.5 percent. Teck is up almost seven-fold in 2016 on rallies in metallurgical coal and zinc.
  • Encana Corp. dropped 3.9 percent for a third day of losses after John Gerdes at KLR Group cut his rating for the stock to accumulate from buy.

 

SOURCE: BLOOMBERG 

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