Canadian Stocks Tumble as Commodities Slump to Nine-Month Low
Barrick Gold Corp. (ABX), the largest producer of gold, and Goldcorp Inc. tumbled more than 5.5 percent as the metal sank below $1,400 an ounce. Canadian Natural Resources Ltd. (CNQ) lost 3.5 percent as crude slipped to its lowest this year. Suncor Energy Inc. fell 2.8 percent after agreeing to sell most of its natural gas assets for C$1 billion. Teck Resources Ltd. (TCK/B), Canada’s largest diversified miner, sank 7.9 percent.
The Standard & Poor’s/TSX Composite Index (SPTSX) fell 188.86 points, or 1.5 percent, to 12,148.73 at 9:47 a.m. in Toronto, headed for the lowest level in four months. The benchmark Canadian equity gauge is down 2.3 percent this year.
China’s economy unexpectedly lost momentum in the first quarter, expanding 7.7 percent from a year earlier, the National Bureau of Statistics said. That compares with the 8 percent median forecast in a Bloomberg News survey and 7.9 percent in the prior quarter.
The S&P GSCI index of 24 raw materials plunged as much as 2.1 percent to its lowest level since July 12.
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