Canadian shares retreated for a second day as commodity producers and banks dropped amid weak economic data from China, the nation's second-largest trading partner.
The resource-heavy benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) slid 0.4 percent to 13.535.08 at 12:15 p.m. in Toronto. Almost two shares lost for every stock that gained as eight of the ten main share groups retreated.
A government survey showed that growth in China's services sector dropped to a four-month low in December as business expectations slipped, adding to figures released earlier this week indicating sluggishness in the country's manufacturing industry.
Energy shares, the main index's second most heavily weighted group, fell 1.1 percent as West Texas Intermediate crude dropped to a one-month low.
Suncor Energy Inc. (TSE:SU), the nation's largest energy company by market value, gave up 1.3 percent to C$36.33. Enbridge Inc. (TSE:ENB), Canada's largest pipeline company, dipped 0.5 percent to C$45.95.
The financials group, which accounts for approximately 35 percent of the main measure, more than any other group, skidded 0.3 percent. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, inched down 0.5 percent to C$71.22. Toronto-Dominion Bank (TSE:TD), the second-largest, was little changed at C$98.91.
CI Financial Corp. (TSE:CIX), the money manager 37 percent owned by Bank of Nova Scotia, dropped 0.6 percent to C$34.57, reversing earlier gains. The firm reported an increase in its assets under management.
The materials sub-index, which includes mining shares, slid 0.4 percent as copper fell the most in two weeks in New York after a gauge of Chinese service industries reached a four-month low.
First Quantum Minerals Ltd. (TSE:FM), a copper miner, lost 0.3 percent to C$19.03. Copper for delivery in March decreased 0.9 percent to $3.351 a pound by 7:34 a.m. on the Comex in New York.
Barrick Gold Corp. (TSE:ABX), the world’s largest producer of the metal by volume, inched down 0.3 percent to C$19.48. Goldcorp Inc. (TSE:G) gave up 0.7 percent to C$23.97. Gold futures for February delivery climbed 0.8 percent to $1,235.20 at 11:33 a.m. on Comex in New York.
In other equities, Canadian Pacific Railway Ltd. (TSE:CP), the nation's second-largest rail operators, reversed earlier gains, falling 0.3 percent to C$158.83. The Calgary-based company agreed to sell a portion of a rail line it owns in the U.S. Northern Plains for $210-million. CP said it has reached an agreement to sell the west end of its Dakota, Minnesota & Eastern (DM&E) line to Genesee & Wyoming Inc. (NYSE:GWR), a short line rail operator based in Darien, Connecticut.
The junior S&P/TSX Venture Composite Index (CVE:OSPVX) advanced 0.4 percent to 942.48 at 12:14 p.m. in Toronto. Africa Oil Corp. (CVE:AOI), the heaviest stock in the gauge, added 0.1 percent to C$9.30.
In currency, the Canadian dollar strengthened with the currencies of fellow commodity exporters Australia and New Zealand amid bets raw-material prices have reached a bottom. The loonie gained 0.5 percent to C$1.0620 per U.S. dollar at 11:45 a.m. in Toronto.
In the U.S., shares advanced, as investors awaited a speech from Federal Reserve Chairman Ben Bernanke for hints on the economy's strength. The S&P 500 (INDEXSP:.INX) edged up 0.2 percent at 11:16 a.m. in New York. The 30-member Dow Jones Industrial Average (INDEXDJX:.DJI) gained 0.3 percent, whereas the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) surrendered 0.1 percent. Most followed shares included Ford Motor, General Motors, Sprint, T-Mobile US, FireEye, Micron Technology, Genesee & Wyoming, Joy Global, and Exelon.
Reported by Proactive Investors 7 hours ago.
The resource-heavy benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) slid 0.4 percent to 13.535.08 at 12:15 p.m. in Toronto. Almost two shares lost for every stock that gained as eight of the ten main share groups retreated.
A government survey showed that growth in China's services sector dropped to a four-month low in December as business expectations slipped, adding to figures released earlier this week indicating sluggishness in the country's manufacturing industry.
Energy shares, the main index's second most heavily weighted group, fell 1.1 percent as West Texas Intermediate crude dropped to a one-month low.
Suncor Energy Inc. (TSE:SU), the nation's largest energy company by market value, gave up 1.3 percent to C$36.33. Enbridge Inc. (TSE:ENB), Canada's largest pipeline company, dipped 0.5 percent to C$45.95.
The financials group, which accounts for approximately 35 percent of the main measure, more than any other group, skidded 0.3 percent. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, inched down 0.5 percent to C$71.22. Toronto-Dominion Bank (TSE:TD), the second-largest, was little changed at C$98.91.
CI Financial Corp. (TSE:CIX), the money manager 37 percent owned by Bank of Nova Scotia, dropped 0.6 percent to C$34.57, reversing earlier gains. The firm reported an increase in its assets under management.
The materials sub-index, which includes mining shares, slid 0.4 percent as copper fell the most in two weeks in New York after a gauge of Chinese service industries reached a four-month low.
First Quantum Minerals Ltd. (TSE:FM), a copper miner, lost 0.3 percent to C$19.03. Copper for delivery in March decreased 0.9 percent to $3.351 a pound by 7:34 a.m. on the Comex in New York.
Barrick Gold Corp. (TSE:ABX), the world’s largest producer of the metal by volume, inched down 0.3 percent to C$19.48. Goldcorp Inc. (TSE:G) gave up 0.7 percent to C$23.97. Gold futures for February delivery climbed 0.8 percent to $1,235.20 at 11:33 a.m. on Comex in New York.
In other equities, Canadian Pacific Railway Ltd. (TSE:CP), the nation's second-largest rail operators, reversed earlier gains, falling 0.3 percent to C$158.83. The Calgary-based company agreed to sell a portion of a rail line it owns in the U.S. Northern Plains for $210-million. CP said it has reached an agreement to sell the west end of its Dakota, Minnesota & Eastern (DM&E) line to Genesee & Wyoming Inc. (NYSE:GWR), a short line rail operator based in Darien, Connecticut.
The junior S&P/TSX Venture Composite Index (CVE:OSPVX) advanced 0.4 percent to 942.48 at 12:14 p.m. in Toronto. Africa Oil Corp. (CVE:AOI), the heaviest stock in the gauge, added 0.1 percent to C$9.30.
In currency, the Canadian dollar strengthened with the currencies of fellow commodity exporters Australia and New Zealand amid bets raw-material prices have reached a bottom. The loonie gained 0.5 percent to C$1.0620 per U.S. dollar at 11:45 a.m. in Toronto.
In the U.S., shares advanced, as investors awaited a speech from Federal Reserve Chairman Ben Bernanke for hints on the economy's strength. The S&P 500 (INDEXSP:.INX) edged up 0.2 percent at 11:16 a.m. in New York. The 30-member Dow Jones Industrial Average (INDEXDJX:.DJI) gained 0.3 percent, whereas the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) surrendered 0.1 percent. Most followed shares included Ford Motor, General Motors, Sprint, T-Mobile US, FireEye, Micron Technology, Genesee & Wyoming, Joy Global, and Exelon.
Reported by Proactive Investors 7 hours ago.