Wednesday, May 1, 2013

 

Canadian stock market tumbles on new round of economic concerns


TORONTO, May 1 -- The Canadian stock market fell sharply Wednesday as weak growth in the United States and China raised new concerns over global economy and dragged commodities down.

The S&P/TSX Composite Index lost 135.21 points, or 1.09 percent, to 12,321.29 while the S&P/TSX Venture Composite Index decreased 3.86 points, or 0.40 percent, to 961.94.

Ahead of Friday's official employment report for April, the U.S. private survey company ADP released the country's employment data that indicated another month of weak job creation. ADP said the U.S. private sector job creation came in at 119,000 in April, much lower than investors' expectation of 150,000.

Canadian market was further depressed by data showing expansion in the American manufacturing sector declined in April. The U.S. Institute for Supply Management's index fell from 51.3 in March to 50.7 last month.

The weaker-than-expected Chinese data also put a damper on Canadian shares. China's Purchasing Managers' Index (PMI) for the manufacturing sector fell to 50.6 percent in April from 50.9 percent in March, the China Federation of Logistics and Purchasing (CFLP) said on Wednesday.

Seven of the eight sectors on the Toronto Stock Exchange main index mover lower, among which six sectors plummeting more than 1 percent.

The metals and mining sector decreased about 1.4 percent as July copper on the New York Mercantile Exchange fell 3.3 percent to 3.08 U.S. dollars a pound. First Quantum Minerals, which posted first-quarter earnings result Wednesday, fell 2.5 percent to 17.15 Canadian dollars per share.

The energy sector fell two percent as the weak economic data sent June crude oil contract on the New York Mercantile Exchange down 2.42 U.S. dollars to 91.03 U.S. dollars a barrel. Oil shares were further depressed after the U.S. Energy Information Administration reported a big jump in last week's crude supplies.

The information technology sector was also weak with Canadian smartphone maker BlackBerry down 3.7 percent to 15.89 Canadian dollars per share as it launched the long-awaited Q10 smartphone with a physical keyboard and new BB10 system.

Industrial shares also weighed on the Toronto stock market with Canadian Pacific Railway, one of Canada's biggest transportation companies, down about 2 percent.

At closing, the Canadian dollar moved down to 0.9920 U.S. dollars at 5 p.m. local time (2100 GMT), compared with 0.9931 U.S. dollars Tuesday.

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