CANADA STOCKS-TSX slips as China data weighs on resources

Tue Aug 5, 2014 11:07am EDT
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* TSX down 45.26 points, or 0.30 percent, at 15,170
    * Six of the 10 main index sectors advance
    * Saputo gains after reporting quarterly results

    By John Tilak
    TORONTO, Aug 5 (Reuters) - Canada's main stock index
declined on Tuesday as weak economic data from China raised
fears of a slowdown in the world's second-biggest economy and
weighed on shares of natural resource producers, for which China
is a major market.
    The Chinese survey indicated that growth in the services
sector slowed sharply in July to near a nine-year low.
 The continuing crises in the Middle East and
Ukraine also had a negative impact on the market.
    The Toronto stock market's resource-sensitive benchmark
index shed 1.6 percent last week, and extended the fall on
Tuesday as the prices of commodities such as gold and oil traded
lower. The market was closed Monday for a holiday.
    "The market is showing that it's vulnerable," said David
Cockfield, managing director and portfolio manager at Northland
Wealth Management.
    "I don't think this is the end of the bull market," he
added. "I just think that it needs a little shaking out to bring
people closer to reality."
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 45.26 points, or 0.30 percent, at 15,170. Six
of the 10 main index sectors were higher, however.
    Financials, the index's most heavily weighted sector, gave
back 0.3 percent. In the group, Bank of Nova Scotia 
lost 0.6 percent to C$73.01, and Toronto-Dominion Bank 
fell 0.4 percent to C$56.31.
    Shares of energy producers followed oil prices lower, with
Suncor Energy Inc slipping 0.8 percent to C$43.09.
    The gold-mining sector dropped 1.8 percent, pulled lower by
weakness in the bullion price. Barrick Gold Corp was
down 2 percent at C$19.49, and Goldcorp Inc declined 1.7
percent to C$29.76.
    Recent acquisitions helped Saputo Inc post a higher
quarterly profit on Tuesday. Shares of the dairy producer
climbed 1.2 percent to C$68.37. 
    ($1=$1.09 Canadian)

 (Editing by Peter Galloway)