Canadian stocks stretch losses for 8th day

(MENAFN- ProactiveInvestors)Canadian shares dropped for an eighth day touching a fresh six-week low as U.S. retail data disappointed and crude oil extended losses. The Standard & Poor's/TSX Composite Index (TSE:OSPTX) slid 0.1% to 13115.21 at 12:07 p.m. in Toronto. Four out of ten share groups were in negative territory. The benchmark gauge for Canadian equities has lost 10.4% so far this year compared to a 1.1% loss for the S&P 500 (INDEXSP:.INX). U.S. retail sales increased less than forecast in October as consumers pocketing money saved from cheaper gas. The healtcare share group was the biggest advancer with a 4% rise. Concordia Healthcare (TSE:CXR) jumped 24% to $46.87 after the drugmaker reported third-quarter earnings and revenue ahead of estimates. The energy sector the main index's second most heavily weighted group inched up 0.4% even as oil prices dropped toward the $40.00. Suncor Energy (TSE:SU) Canada's biggest energy company ticked up 0.1% to C$37.35. Canadian Natural Resources (TSE:CNQ) the country's largest heavy-oil producer gained 0.9% to C$31.37. Light sweet crude for December delivery recently fell 2.7% to $40.61 a barrel on the New York Mercantile Exchange the lowest intraday level since late August. The materials sub-index which includes mining shares gained 0.4% even as gold fell back towards near six-year lows. Goldcorp (TSE:G) Canada's largest gold miner by market value rose 3% to C$16.17. Barrick Gold (TSE:ABX) Canada's second-largest gold miner surrendered 0.6% to C$10.00. Financials the index's most heavily weighted sector skidded 1%. Royal Bank of Canada (TSE:RY) which has the heaviest weighting in the index fell 1.2% to C$74.03.