CANADA STOCKS-TSX slips as China data hurts sentiment
* TSX falls 17.22 points, or 0.12 percent, to 14,418.36 * Seven of the 10 main index sectors decline * Goldcorp drops after raising its takeover bid for Osisko By John Tilak TORONTO, April 10 (Reuters) - Canada's main stock index dropped on Thursday as disappointing economic data from China weighed on investor sentiment, offsetting a gain in the bullion price that helped push up gold-mining shares. Data showing a significant fall in Chinese imports and exports suggested that a slowdown in the world's second-largest economy was taking hold. In the United States, the number of Americans filing new claims for unemployment benefits dropped last week to a near seven-year low. Global equity markets rallied on Wednesday after comments from the Federal Reserve helped ease concerns that the U.S. central bank might adopt an aggressive timetable for raising interest rates. Markets want to see solid U.S. economic growth yet they fear that if it is too robust it will prompt the Fed to raise interest rates. "The markets are in a wait-and-see mode to see the progression of economic data coming out of the United States," said Shailesh Kshatriya, associate director for client investment strategies at Russell Investments Canada. "It's amazing how financial markets continue to be captivated by Fed speak," he said. "There's a fear out there that the Fed will eventually tighten, and tightening is inevitable." The Toronto Stock Exchange's S&P/TSX composite index was down 17.22 points, or 0.12 percent, at 14,418.36. It is up about 5.8 percent this year. "We've had a nice run to start the year, but the TSX will likely be flatlined from this point forward," said Kshatriya, who is cautious about the potential for more upside in gold and oil prices. Oil and mining stocks are heavily weighted on the benchmark Toronto index. Seven of the 10 main sectors on the index were in the red on Thursday. Financials, the index's most heavily weighted sector, fell 0.5 percent. Toronto-Dominion Bank gave back 0.7 percent to C$51.44, and Bank of Nova Scotia lost 0.6 percent to C$64.55. The gold-mining sector advanced 0.8 percent, helped by a 1.1 percent jump in the price of the precious metal. Barrick Gold Corp climbed 1 percent to C$20.80. But Goldcorp Inc shed 2.1 percent to C$27.26, after the miner raised its takeover offer for Osisko Mining Corp to about C$3.6 billion ($3.3 billion) in an attempt to top a bid from Yamana Gold Inc. Osisko shares gained 1.5 percent to C$7.66, while Yamana shares were little changed. ($1=$1.09 Canadian) (Editing by Peter Galloway)
© Thomson Reuters 2016 All rights reserved.