TORONTO (Reuters) - Canada’s benchmark stock index dropped on Thursday as sluggish economic data in China raised concerns about growth in the world’s second-biggest economy and shares of energy producers tumbled with oil prices.
But BlackBerry Ltd shot up 7.7 percent after the company entered into a partnership deal with Samsung Electronics Co Ltd.
Figures showed that China’s factory growth fell in October and investment growth hit a near 13-year low.
Brent crude oil dropped to a four-year low, hit by the data from China, a top energy consumer, and news that Saudi Arabia was mum about a possible cut in production.
“Canada, being energy-heavy, is weighed by the fall in oil,” said Marcus Xu, president and portfolio manager at M.Y. Capital Management Corp in Vancouver. “But if you are a long-term investor, it’s not a bad idea to stay with energy stocks.”
”I wouldn’t say that sentiment for Canadian stocks is too good,” he added. “We’re still in a bear market for energy prices, though the other parts of the index have been doing well.”
The Toronto Stock Exchange’s S&P/TSX composite index closed down 77.43 points, or 0.52 percent, at 14,778.77.
The benchmark TSX slipped after recording gains in each of the previous six sessions.
Shares of energy producers shed 2.9 percent. Canadian Natural Resources Ltd lost 1.7 percent to C$40.67, and Suncor Energy Inc declined 3 percent to C$39.19.
BlackBerry shares jumped 7.7 percent to end at C$13.74, helping drive a 2.1 percent gain in the information technology sector.
The company struck partnerships with Samsung and other high-profile players to enhance the capabilities of the new mobile-device management and security platform it unveiled on Thursday.
Manulife Financial Corp fell 0.3 percent after reporting slightly lower-than-expected third-quarter earnings as weaker Canadian and U.S. insurance and wealth management sales offset strong growth in Asia.
Editing by G Crosse