Canada Stocks Drop as Commodities Fall on China Factory Data

Canadian stocks fell for the first time in four days as commodities retreated after data showed manufacturing in China is expanding at a slower pace.

Teck Resources Ltd. (TCK/B) and Lundin Mining Corp. dropped at least 2.8 percent as copper slumped a third day. Canadian Natural Resources Ltd. lost 1.4 percent as crude fell for the first time in four days. Rogers Communications Inc. (RCI/B) declined 3.5 percent after analysts lowered their ratings for the stock. Torex Gold Resources Inc. and Banro Corp. slid more than 5.1 percent as gold declined.

The Standard & Poor’s/TSX Composite Index (SPTSX) fell 42.80 points, or 0.4 percent, to 12,047.88 at 9:59 a.m. in Toronto. The benchmark equity gauge has fallen 3.1 percent this year.

China’s manufacturing is expanding at a slower pace this month on weakness in global and domestic demand. The preliminary reading of 50.5 for a Purchasing Managers’ Index released by HSBC Holdings Plc and Markit Economics compared with a final 51.6 for March. The number was also below the median 51.5 estimate in a Bloomberg News survey of 11 analysts. A reading above 50 indicates expansion.

To contact the reporter on this story: Eric Lam in Toronto at elam87@bloomberg.net

To contact the editor responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net

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