TORONTO(Bloomberg) — Canadian stocks declined for a fourth time in five days, led by such energy and raw-materials producers as EnCana and Teck Cominco, after prices for natural-gas fell to a three-month low and gold futures declined.Energy, metals and other commodities make up more than half of Canada's exports. Resource-related stocks account for almost half of the main Canadian stock index's value and helped lift it to a record last week on take-overs and higher commodity prices.

The Standard & Poor's/TSX Composite Index fell 144.17, or one percent, to 13,841.86 in Toronto. The benchmark, which has risen 7.2 percent this year, is 2.4 percent below its June 18 record of 14,176.42.

"The Canadian market has done very well year-to-date and we still haven't had a significant pull back," said Pat McHugh, who helps manage about $218 billion at MFC Global Investment Management in Toronto. "I suspect we will get one, probably when we're deeper into the summer."

Measures of energy and raw-materials shares fell 1.8 percent and 1.5 percent, respectively. They account for more than 45 percent of the S&P/TSX's value and have been among the best performers this year among 10 industry groups.

Natural gas for July delivery fell for a sixth straight day, losing 2.7 percent to $6.94 per million British thermal units in New York, on forecasts for mild weather in key demand areas and ample supplies in storage. Gas futures last closed below $7 on March 20. Crude oil futures fell as much as 2.3 percent to $67.55 a barrel, before closing up 4 cents at $69.18 in New York.

Alternative Investment

Gold declined on speculation the US dollar will strengthen against the euro, reducing the appeal of bullion as an alternative investment.

EnCana, Canada's biggest natural-gas producer and the nation's largest energy company by market value, led oil and gas stocks lower, losing C$2.71, or 3.9 percent, to C$67.34. The stock closed at a record C$70.86 on June 21.