May 13, 2013 / 2:43 PM / 6 years ago

CANADA STOCKS-TSX weakens as China data drags on resource shares

* TSX falls 75.03 points, or 0.60 percent, to 12,514.06
    * Eight of 10 main sectors decline
    * Gold shares shed 2.3 percent
    * BlackBerry gains, lifting technology sector

    By John Tilak
    TORONTO, May 13 (Reuters) - Canada's main stock index
slipped on Monday as weak Chinese economic data weighed on
commodity prices and pulled shares of energy and materials
companies lower. 
    China's factory output growth was surprisingly feeble in
April and fixed-asset investment slowed, rekindling concerns
that the recovery is stalling. 
    The resource-heavy Toronto market is sensitive to
developments in China, a big consumer of commodities from
Canada, because of its large exposure to materials and energy
    An unexpected rise in U.S. retail sales in April failed to
lift sentiment.
    "There's a tremendous amount of nervousness in the markets,"
said Sal Masionis, a stockbroker at Brant Securities.
    "People don't have confidence," he added. "Interest rates
are low, there's lots of money out there, but there's nowhere to
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 75.03 points, or 0.60 percent, at 12,514.06.
    Eight of the 10 main sectors on the index were in the red.
    The materials sector, which includes mining stocks, lost 1.9
percent as gold stocks shed 2.3 percent.
    Bullion prices fell more than 1 percent as the U.S. dollar
firmed on signs of an improving economy and as holdings in
exchange-traded funds slipped. 
    Barrick Gold Corp gave back 2.8 percent to C$20.53
and was the biggest negative influence on the market.
    The price of oil slipped, pulling energy shares lower 0.5
    BlackBerry gained 2.1 percent to C$16.04, helping
lift the information technology sector up 0.8 percent.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below