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Canadian stock market falls on weak manufacturing data

English.news.cn   2012-12-04 08:24:41            

TORONTO, Dec. 3 (Xinhua) -- The Canadian stock market fell on Monday as weak U.S. and Canadian manufacturing data weighed on shares in mining and financial companies.

The benchmark S&P/TSX Composite index closed down 69.62 points, or 0.57 percent, to 12,169.74 while S&P/TSX Venture Composite index lost 12.90 points, or 1.06 percent, to 1,208.00.

Caution returns after newly released poor American manufacturing data showed manufacturing fell back in November. U.S. manufacturing shrank to its weakest level in more than three years in November to a level that suggested contraction in the industry.

Canadian manufacturing growth also slowed for a fifth straight month in November and hit a more than two-year low, according to the Canadian Manufacturing Purchasing Managers Index reported by the country's biggest bank Royal Bank of Canada.

Canadian investors worried that as a driver of the U.S. recovery, the gradually weakened manufacturing sector of its important trade partner, would slow Canada's economic growth. Affected by this concern, the metals and mining sector was down 0. 51 percent, led lower by gold stocks. Miner Goldcorp Inc. dropped 3.67 percent to 37.29 Canadian dollars per share and Barrick Gold Corporation lost 2.61 percent to 33.59 Canadian dollars per share.

The industrial sector was off about 1 percent as one of Canada' s biggest rail carriers Canadian Pacific Railway Ltd. set aside plans to build a 420-kilometre extension to serve coal mines in the Powder River Basin in Wyoming in west America.

Financial sector weighed the market as well. Bank of Nova Scotia shed 0.7 percent to 55.61 Canadian dollars per share and Royal Bank of Canada Bank of Montreal dropped 0.27 percent to 58. 74 Canadian dollars per share.

Technology was the only sector to advance Monday, up 0.14 percent. But losses from the BlackBerry maker capped the gains after it was downgraded by a Canadian investment bank. Its shares were down 0.3 percent to 11.55 Canadian dollars apiece.

Canadian oil producer Nexen's shares were up as the deadline nears for Ottawa to decide whether to permit China National Offshore Oil Corporation to take over the Calgary-based oilsands firm.

In currency, the Canadian dollar ran down to trade at 1.0051 U. S. dollars at 5 p.m. local time (2200 GMT) on Monday, compared with 1.0057 U.S. dollars last Friday.

Editor: Luan
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