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Canadian shares decline as Bombardier, Potash lead losses

Published: 17:04 29 Oct 2015 GMT

Bombardier3

Canadian shares fell on Thursday with Bombardier plummeting after reporting a large quarterly loss and Potash Corp also slumping as it slashed its profit and revenue outlook.

The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) skidded 0.3% to 13,825.59 at 12:29 p.m. in Toronto.

Three shares declined for every two issues that advanced as six out of the ten main share groups were in negative territory.

Bombardier (TSE:BBD.B) fell 12% to C$1.42 after the Montreal, Quebec-based plane and train maker said the Quebec government will invest $1bn in its long-delayed CSeries jet program and unveiled a C$4.6bn third-quarter loss.

The materials sub-index, which includes mining shares, lost 2.8% as gold fell on Thursday, hitting its lowest level in three weeks.

Goldcorp (TSE:G), Canada’s largest gold miner by market value, slumped 8.5% to $17.64.

Potash Corp. of Saskatchewan (NYSE:POT) lost 2.9% to C$20.69 after the world’s largest fertilizer producer by market value cut its full-year profit forecast and cut output in response to weaker demand from emerging markets.

Barrick Gold (TSE:ABX) jumped 4% to C$10.55 after Canada’s second-largest gold miner,
reported better-than-estimated profit.

U.S. gold futures were down 2% at $1,153.70 an ounce.

The energy sector, the main index's second most heavily weighted group, rose 1.3% as oil rallied despite five weeks of rising supplies.

Suncor Energy (TSE:SU), Canada's biggest energy company, rose 3.4% to C$38.80.
Canadian Natural Resources (TSE:CNQ), the country's largest heavy-oil producer, inched up 0.9% to C$30.91.

The financials group, which accounts for approximately 36% of the main measure, more than any other group, slid 0.5%. Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, surrendered 0.4% to C$55.14.

Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, advanced 0.7% to C$76.49.

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