Canada Stocks Fall as Commodities Slide on China, U.S. Data
Canadian stocks fell as commodity prices slid after data showed China’s manufacturing grew at a weaker pace in April and U.S. companies added fewer workers than forecast.
Cott Corp. (BCB) and Yamana Gold Inc. plunged at least 9 percent after both reported disappointing earnings. Premier Gold Mines Ltd. and New Gold Inc. slumped more than 3.3 percent as gold extended its worst monthly loss in more than a year. Loblaw Cos. (L) climbed 4.6 percent after posting better-than-forecast profit and raising its dividend.
The Standard & Poor’s/TSX Composite Index (SPTSX) fell 78.12 points, or 0.6 percent, to 12,378.38 at 9:54 a.m. in Toronto. The benchmark equity gauge has lost 0.5 percent this year.
The Standard & Poor’s GSCI gauge of 24 commodities fell 2 percent, as aluminum and oil declined almost 3 percent.
China’s manufacturing expanded at a weaker pace in April in a sign that the slowdown in the world’s No. 2 economy is extending into the second quarter. China is Canada’s second- biggest trading partner.
The U.S. added 119,000 workers in April, the smallest since September, following a revised 131,000 gain in March, figures from the Roseland, New Jersey-based ADP Research Institute showed today.
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