By Sarah Pringle, MarketWatch
SAN FRANCISCO (MarketWatch) ? Canadian equities fell slightly on Monday as Canadian Oil Sands reported a drop in second-quarter profit and as investors awaited possible action by central banks this week.
?It?s very quiet here and I think that the market will be that way all summer... Summer doldrums have, I think, set in,? said John Kinsey, portfolio manager at Caldwell Securities in Toronto.
A lot of people left the market a couple months ago for one reason or another, which can be seen by low volumes traded throughout June and July, said Kinsey.
The S&P/TSX benchmark index /quotes/zigman/20942 CA:GSPTSE -0.07% slid 8.5 points, or 0.07%, to 11,757.9, as both metals and mining stocks /quotes/zigman/24977 XX:TTMN -0.93% and the information technology sector /quotes/zigman/23269 XX:TTTK -1.04% ?shaved off about 1%.
The market remained flat as investors looked ahead to the European Central Bank and Federal Reserve?s coming policy meetings this week.
?People, if they were going to do anything, today might not be the day. They?re going to wait and see what happens Wednesday. Unless something unforeseen comes out of there I expect it to continue to be quiet,? said Kinsey.
Notable movers among commodity companies included a 4.7% retreat in shares of Eastern Platinum Ltd. /quotes/zigman/33773 CA:ELR -4.65% , a 3.4% loss in shares of Capstone Mining Corp. /quotes/zigman/35958 CA:CS -3.39% , and a 4.9% climb in shares of Calfrac Well Services Ltd. /quotes/zigman/30286 CA:CFW +4.88%
Fed highlights week in markets
A preview of the coming week in the markets, including the Federal Reserve's two-day meeting and the Friday report on unemployment figures.
Commodity futures seesawed, with oil for September delivery /quotes/zigman/2203153 CLU2 -0.10% settling 0.4% lower at $89.78 a barrel, and gold for August delivery /quotes/zigman/676896 GCQ2 +0.07% ?ending 0.1% higher at $1,619.70 an ounce on the New York Mercantile Exchange.
In corporate news, shares of Calgary-based Canadian Oil Sands Ltd. /quotes/zigman/3504230 CA:COS -1.24% slipped 2.4% after the company reported a 71% lower second-quarter profit Friday.
The oil-sands company cited a weaker Canadian dollar as well as higher expenses and lower production volumes due to maintenance at its Coker 8-3 and Vacuum Distillation Unit.
Montreal-based Fibrek Inc. /quotes/zigman/50310 CA:FBK 0.00% , producer of kraft pulps, said late Friday that due to repairs it was stopping operations at its market pulp mill in Saint-F?licien for about a week, beginning Sunday.
In currency trading, the greenback edged 0.15% lower against its Canadian counterpart /quotes/zigman/4867882/sampled USDCAD +0.0097% , with one U.S. dollar purchasing C$1.0018 vs. C$1.0033.
Looking ahead, markets were awaiting the release of growth numbers for May later this week.
David Madani, economist at Capital Economics, said he estimates that growth domestic product rose by 2% in May, with risks on the downside.
?With much of the developed world laboring to produce anaemic growth, we doubt that further rounds of global monetary policy stimulus will have much greater success than previous rounds,? wrote Madani in a weekly report.
?Accordingly, waning consumer confidence might dampen consumption growth in the second half of the year,? he added.
/quotes/zigman/20942
CA : Canada: Toronto
Volume: 148.42M
July 30, 2012 4:51p
/quotes/zigman/24977 XX : Canada: Toronto
Volume: 10.02M
July 30, 2012 4:51p
/quotes/zigman/23269 XX : Canada: Toronto
Volume: 7.37M
July 30, 2012 4:51p
/quotes/zigman/33773 CA : Canada: Toronto
Volume: 5.16M
July 30, 2012 5:40p
Market Cap$199.56 million
/quotes/zigman/35958 CA : Canada: Toronto
Volume: 332,660
July 30, 2012 5:40p
Market Cap$895.22 million
/quotes/zigman/30286 CA : Canada: Toronto
Volume: 296,829
July 30, 2012 5:40p
Rev. per Employee$492,380
/quotes/zigman/2203153 US : U.S.: Nymex
Volume: 1,152
July 30, 2012 7:05p
/quotes/zigman/676896 US : U.S.: Comex
Volume: 84.00
July 30, 2012 6:56p
/quotes/zigman/3504230 CA : Canada: Toronto
Volume: 1.42M
July 30, 2012 5:40p
/quotes/zigman/50310 CA : Canada: Toronto
Volume: 1,400
July 27, 2012 12:00a
Market Cap$101.46 million
/quotes/zigman/4867882/sampled US : ICAP Currencies
Volume: 0.0000
July 30, 2012 7:18p
Sarah Pringle is a MarketWatch reporter, based in San Francisco.
Source: http://feeds.marketwatch.com/~r/marketwatch/software/~3/TxNNfswSXkM/story.asp
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