Canada Stocks Drop as Commodities Fall on China Factory Data
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.
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