CANADA STOCKS-TSX drops as China data hits bank, energy stocks
* TSX falls 17.28 points, or 0.12 percent, to 13,970.92 * Nine of the 10 main index sectors decline * RBC has biggest negative influence on index By John Tilak TORONTO, Jan 23 (Reuters) - Canada's main stock index dropped on Thursday after sluggish manufacturing data from China disappointed the market and dragged on shares of financial and energy companies. A big jump in gold-mining shares, buoyed by a 1.4 percent gain in the price of bullion, failed to arrest the slide. Data showed that activity in China's factory sector dropped in January for the first time in six months. China's Flash Markit/HSBC purchasing managers index fell to a 49.6 reading in January from December's 50.5. "It's quite discouraging to see the flash PMI back under 50," said Colin Cieszynski, senior market analyst at CMC Markets Canada, who sees a market correction taking place. "Not only is China not rebounding, but it looks like it may continue to struggle for some time into this year," he added. The Toronto Stock Exchange's S&P/TSX composite index was down 17.28 points, or 0.12 percent, at 13,970.92. Nine of the 10 main sectors on the index were in the red. Financials, the index's most heavily weighted sector, gave back 0.8 percent. Royal Bank of Canada slipped 1.2 percent to C$71.67 and had the biggest negative influence on the index. Bank of Nova Scotia lost 0.8 percent to C$64.10. Energy shares stumbled 0.1 percent, with Enbridge Inc shedding 0.2 percent to C$47.15. Shares of gold producers advanced 4.1 percent. Barrick Gold Corp added 4.3 percent to C$21.71, and Goldcorp Inc rose 4.5 percent to C$26.77.
© Thomson Reuters 2016 All rights reserved.