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June 7, 2012, 5:34 p.m. EDT

Canada stocks drop; oil, gold shares hit by Fed

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By Anna Andrianova, MarketWatch

NEW YORK (MarketWatch) — Canadian stocks fell Thursday for the first time in three sessions, with gold-mining stocks driving the losses after Federal Reserve Chairman Ben Bernanke surprised some investors by failing to signal the central bank was ready to unleash more stimulus.

“After Bernanke did not deliver news on further stimulus on the way, people were disappointed, gold and oil fell, causing the Canadian market to underperform and weakening the Canadian dollar,” said Brian Huen, managing partner at Red Sky Capital Management in Toronto.

The S&P/TSX Composite Index fell 41.28 points, or 0.4%, to 11,592.12, with the materials sector /zigman2/quotes/210598474/delayed XX:TORGC195 -1.46%   leading the losses, falling 2.5%.

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Bernanke said early Thursday that the U.S. economy was at risk from the European debt crisis but said he expects growth to continue at a moderate pace. He did not introduce any new monetary easing, as some anticipated. Gold futures fell sharply after the testimony, oil gave up early gains and U.S. stocks closed near flat. Read more on Bernanke.

Gold futures for delivery in August  tumbled 2.8% to $1,588 an ounce on the Comex division of the New York Mercantile Exchange -- the largest one-day decline since April 4. See more on gold futures.

Shares of gold-mining company Barrick Gold /zigman2/quotes/209252292/delayed CA:ABX -1.93%    fell 4.2%, extending Wednesday’s selloff after the news chief executive officer Aaron Regent would step down created more uncertainty for investors.

Goldcorp Inc. /zigman2/quotes/225792379/delayed CA:G -1.90%   declined 2.9%, and Kinross Gold Corp. /zigman2/quotes/200423011/delayed CA:K -2.36%   /zigman2/quotes/208295151/composite KGC -2.70% fell 6.1%.

Yoga-wear retailer Lululemon Athletica Inc.’s /zigman2/quotes/203839209/delayed CA:LLL -4.35%   /zigman2/quotes/204011506/composite LULU +1.59%   shares lost 8.8% after the company released lower-than-expected second-quarter guidance. Read more on Lululemon

The Canadian dollar /zigman2/quotes/210561978/realtime/sampled USDCAD +0.2668%  weakened, with the U.S. dollar buying C$1.0280 vs. C$1.0276 in the prior session.

/zigman2/quotes/210598474/delayed
XX : Canada: Toronto
308.01
-4.56 -1.46%
Volume: 23.92M
Jan. 28, 2022 12:23p
loading...
/zigman2/quotes/209252292/delayed
CA : Canada: Toronto
$ 23.37
-0.46 -1.93%
Volume: 1.56M
Jan. 28, 2022 12:23p
P/E Ratio
16.52
Dividend Yield
1.97%
Market Cap
$42.40 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/225792379/delayed
CA : Canada: Toronto
$ 1.03
-0.02 -1.90%
Volume: 13,098
Jan. 28, 2022 12:22p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$74.00 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/200423011/delayed
CA : Canada: Toronto
$ 6.62
-0.16 -2.36%
Volume: 2.47M
Jan. 28, 2022 12:23p
P/E Ratio
6.44
Dividend Yield
2.33%
Market Cap
$8.50 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208295151/composite
US : U.S.: NYSE
$ 5.17
-0.14 -2.70%
Volume: 9.05M
Jan. 28, 2022 12:38p
P/E Ratio
6.51
Dividend Yield
2.32%
Market Cap
$6.69 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203839209/delayed
CA : Canadian Securities Exchange
$ 0.22
-0.01 -4.35%
Volume: 166.00
Jan. 26, 2022 12:17p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.27 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/204011506/composite
US : U.S.: Nasdaq
$ 311.39
+4.87 +1.59%
Volume: 630,571
Jan. 28, 2022 12:38p
P/E Ratio
46.85
Dividend Yield
N/A
Market Cap
$39.63 billion
Rev. per Employee
$234,282
loading...
/zigman2/quotes/210561978/realtime/sampled
US : Tullett Prebon
1.2776
+0.0034 +0.2668%
Volume: 0.0000
Jan. 28, 2022 12:38p
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Anna Andrianova is a MarketWatch reporter, based in New York.

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