CANADA STOCKS-Golds pummeled as TSX hits 3-week low in broad selloff

Tue Aug 6, 2013 5:00pm EDT
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* TSX falls 133.93 points, or 1.06 percent, to 12,469.32
    * Nine of 10 main sectors decline
    * Gold miners slump as bullion loses safe-haven appeal
    * BlackBerry jumps nearly 7 pct, lifts IT sector

    By John Tilak
    TORONTO, Aug 6 (Reuters) - Canada's main stock index fell on
Tuesday to a more than three-week low as economic news from
Europe and the United States dented the safe-haven appeal of
bullion and sent shares of gold miners tumbling.
    Nearly every major sector was down as Canadian stocks
resumed trading after Monday's civic holiday.
    Data showed German industry orders in June posted their
biggest rise since October, and British manufacturing grew much
more strongly than expected in June.
    Meanwhile, the U.S. trade deficit hit a 3-1/2-year low in
June, suggesting greater strength in the world's largest
    The economic news pulled the price of bullion to a near
three-week low. 
    The benchmark Canadian index, which has been battered by
weakness in the price of commodities such as gold and copper, is
barely in positive territory for the year.
    "The TSX is struggling here. There's very little appetite
for commodity stocks," said Elvis Picardo, strategist and vice
president of research at Global Securities in Vancouver.
    "This selloff in commodities has been quite broad-based" and
has a lot to do with sluggish economic growth in China, he said,
adding that recent weak quarterly earnings reports have also
pressured resource stocks.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed down 133.93 points, or 1.06 percent, at
12,469.32, after reaching 12,419.04, its lowest since July 11. 
    "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.
    Nine of the 10 main sectors on the index were in the red.
    Financials, the index's most heavily weighted sector, lost
0.5 percent. Royal Bank of Canada, the country's biggest
lender, gave back 0.6 percent to C$64.04.
    The materials sector, which includes mining stocks, stumbled
3.6 percent, with gold miners down 6.1 percent.
    Goldcorp Inc slipped 6.2 percent to C$26.26 and had
the biggest negative influence on the market. Barrick Gold Corp
 declined 6.5 percent to C$16.25.
    Shares of energy companies slid 1.1 percent, reflecting a
fall in the price of oil. 
    Canadian Natural Resources Ltd fell 2.1 percent to
C$32.02, and Suncor Energy Inc gave back 0.8 percent to
    The only major group to climb was the information technology
sector, up 1.9 percent, thanks to a 6.9 percent jump in shares
of BlackBerry.
    Options traders reported a lot of action in Blackberry