March 11, 2010 / 3:41 PM / 8 years ago

CANADA STOCKS-TSX falls as China data weighs on miners

 * TSX down 17.43 points, or 0.15 percent, at 11,943.63
 * China inflation data weighs on miners
 * Transat down 24 percent after it reports loss, sees more  (Adds details, quote)
 By Jennifer Kwan
 TORONTO, March 11 (Reuters) - Toronto’s main stock market index edged lower on Thursday morning as resource prices slipped and data from the United States and China spurred a return of worry about the stability of the economic recovery.
 Miner First Quantum Minerals (FM.TO) fell 0.3 percent to C$85.61, copper miner Quadra Mining QUA.TO dropped 1.5 percent to C$17.32, and Teck Resources TCKb.TO dropped 1 percent to C$41.17 as base metals prices slid after data showed a spike in Chinese inflation. [METL/]
 The market worried the higher Chinese inflation would spawn higher interest rates, which would slow economic activity and demand for resources.
 Chinese consumer inflation jumped to a 16-month high in February and a raft of other data displayed broad-based strength, providing fresh arguments for policy tightening sooner rather than later. [ID:nTOE6290B5]
 “If the main reason why rates are going up is because they’re putting the brakes on things to curb inflation then because China is the big buyer of commodities that would have the impact,” said Robert Lauzon, managing director of trading at Middlefield Capital Corporation.
 In the United States, jobless claims fell less than expected, suggesting a slow labor market recovery.[.N] [ID:nN11203719]
 At 10:02 a.m. (1502 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 17.43 points, or 0.15 percent, at 11,943.63, with eight of its 10 main groups lower.
 The energy sector fell 0.1 percent as oil prices slipped [O/R]. Canadian Natural Resources (CNQ.TO) sagged 0.1 percent to C$75.74.
 Shares of Bank of Nova Scotia (BNS.TO) dropped 0.4 percent to C$48.95. Thailand’s Thanachart Bank, 49 percent owned by Scotiabank, said it will pay $1 billion for a 47.6 percent stake in Siam City Bank SCIB.BK in Thailand’s biggest acquisition in four years. [ID:nSGE62A087]
 Transat AT Inc TRZb.TO fell 24 percent to C$14.83. The Canadian holiday travel company posted a first-quarter net loss, hurt by lower selling prices, and said it expects to post a loss in the second quarter. [ID:nSGE62A0HT]
 ($1=$1.03 Canadian)  (Reporting by Jennifer Kwan; editing by Peter Galloway)                                       

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