Canada Stocks Fall on Weaker Confidence Data; Mining Shares Drop
Canadian stocks fell for a third day as commodities slumped after data showed business confidence slipping in Germany and China.
Alacer Gold Corp. (ASR) and Novagold Resources Inc. (NG) retreated at least 2.9 percent. Fortuna Silver Mines Inc. (FVI) plunged 5.4 percent. Advantage Oil & Gas Ltd. (AAV) fell 2.6 percent as crude fell for the fifth time in six days.
The Standard & Poor’s/TSX Composite Index (SPTSX) dropped 33.66 points, or 0.3 percent, to 12,349.94 at 9:47 a.m. in Toronto. The benchmark equity gauge is up 3.3 percent this year.
German business confidence unexpectedly fell to the lowest in more than two and a half years in September as the sovereign debt crisis clouded the economic outlook. China’s manufacturers and retailers are less optimistic about sales than they were three months ago and more companies are cutting jobs, according to the China Beige Book, a survey modeled on the U.S. Federal Reserve’s Beige Book.
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