CANADA STOCKS-TSX drops on weak data, golds cushion fall

Thu Aug 19, 2010 4:32pm EDT
 
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* TSX down 70.90 points, or 0.6 percent, at 11,710.18

* Weak data raises worries about world economy

* Gold miners, Potash offset broad weakness (Updates to close, adds quote)

By Jennifer Kwan

TORONTO, Aug 19 (Reuters) - Toronto's main stock index ended lower on Thursday after weaker-than-expected U.S. economic data sparked investor jitters and underscored the fragility of the global recovery.

Data showed new U.S. jobless claims scaled a nine-month high last week and Mid-Atlantic factory activity contracted in August for the first time in more than a year. [ID:nN19350083]

"Once again it's weak data coming not so much from Canada but from the U.S.," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver. "That's again raised concerns about the extent of slowing growth in the U.S. Those concerns tend to spillover to the rest of the world."

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended the session down 70.90 points, or 0.6 percent, at 11,710.18.

In Canada, data showed wholesale trade for June and the leading indicator for July came in lower than expected, which didn't help to lift investor spirits. [ID:nN19260847]   Continued...