CANADA STOCKS-TSX hits 3-week low as golds dive in broad selloff

Tue Aug 6, 2013 11:37am EDT
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* TSX falls 167.70 points, or 1.33 percent, to 12,435.55
    * Nine of 10 main sectors decline
    * Gold miners slump as bullion loses safe-haven appeal
    * BlackBerry jumps 7 percent

    By John Tilak
    TORONTO, Aug 6 (Reuters) - Canada's main stock index slipped
on Tuesday to its lowest in more than 3 weeks as positive
economic news from Europe lowered the safe-haven appeal of gold
and weighed on producers of the precious metal.
    Nearly every major sector was down in light trading as
Canadian stocks resumed after Monday's civic holiday.
    Data showed German industry orders beat forecasts in June to
record their biggest rise since October and British
manufacturing grew much more strongly than expected in June.
    The positive economic news pulled the price of bullion to a
2-1/2-week low and weighed on gold-mining stocks. 
    "There's still enough basic nervousness in the market that
people are just as quick to pull the trigger as they ever were,"
said David Cockfield, managing director and portfolio manager at
Northland Wealth Management.
    "The market is just biding its time," he added. "We may not
get a real direction until we get a few more people back in the
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 167.70 points, or 1.33 percent, at 12,435.55,
its lowest since July 11.
    Nine of the 10 main sectors on the index were in the red.
    Financials, the index's most heavily weighted sector, lost 1
percent. Royal Bank of Canada, the country's biggest
lender, gave back 1.7 percent to C$63.33 and had the biggest
negative influence on the market.
    The materials sector, which includes mining stocks, stumbled
3.4 percent, with gold miners down 4.7 percent.
    Barrick Gold Corp declined 5.6 percent to C$16.39,
and Goldcorp Inc slipped 5.1 percent to C$26.57.
    Shares of energy companies slid 1.8 percent, reflecting a
fall in the price of oil. 
    Canadian Natural Resources Ltd fell 3 percent to
C$31.71, and Suncor Energy Inc gave back 1.9 percent to
    The only major group to climb was the information technology
sector, up 1.1 percent, thanks to a 7 percent jump in shares of
    Options traders reported a lot of action in Blackberry
stock. For Reuters Insider report see