CANADA STOCKS-TSX slides to 2012 low as growth fears sting
* TSX ends down 83.21 points, 0.7 pct, at 11,935.29 * Hits lowest since Dec. 30, negative ground for 2012 By Claire Sibonney TORONTO, April 10 (Reuters) - Toronto's main stock index tumbled to its lowest level in 2012 on Tuesday and turned negative for the year on a resurgence of fears about slowing global growth, pressuring investors to exit riskier assets. Among the most influential decliners, Suncor Energy fell 2.1 percent to C$29.68, Royal Bank of Canada lost 1.1 percent to C$55.95 and Bank of Nova Scotia slipped 1.2 percent to C$54.38. Signs of a cooling U.S. recovery after Friday's release of disappointing data on jobs creation in March and the euro zone's festering debt crisis fueled a view of tepid global growth, stoking safety bids for gold as well as U.S. and German government debt. Meanwhile, data showed Chinese imports undershot expectations, growing 5.3 percent on the year in March - consistent with other data suggesting soggy domestic demand in the first quarter of the year. "That's the perfect troika ... growth concerns in Europe, the U.S. and China as well. The China fact has been lingering for a while, it certainly has had an impact on commodity prices here," said Elvis Picardo, strategist and vice-president of research at Global Securities in Vancouver. "Investors are also taking their cue from what happened in the last couple years. The month of May sparked significant selloffs in both 2010 and 2011, so it does feel like investors are trying to jump the gun." The Toronto Stock Exchange's S&P/TSX composite index ended down 83.21 points, or 0.69 percent, at 11,935.29, bringing the index into negative territory, off 0.2 percent, year to date. Earlier, the TSX hit a trough of 11,868.97, its weakest level since Dec. 30. Industrial issues also weighed, as shares of Canadian National Railway and Canadian Pacific Railway fell 2.1 percent and 1.9 percent, respectively, after the latest industry data indicated a slight North American rail traffic decline on the back of weakness in coal and agricultural product shipments.
© Thomson Reuters 2017 All rights reserved.