Monday, May 13, 2013

 

Canadian stocks decline on weak China retail sales


TORONTO,- The Canadian stock market closed down about 0.5 percent Monday as resource shares dropped on the sluggish Chinese economic data.

The benchmark S&P/TSX Composite Index slipped 59.54 points, or 0.47 percent, to close at 12,529.55 while the S&P/TSX Venture Composite Index lost 9.53 points, or 0.99 percent, to 957.20.

The Canadian stock market was down for most of the day as data showed that China's April retail growth fell short of government' s full-year target. This raised concerns about economic growth out of China and weighed on the resource-heavy Canadian stock market at the beginning of this week.

According to the National Bureau of Statistics, China's retail sales grew 12.8 percent year on year in April, picking up from the 12.6-percent rise seen in March but still below the 14.5-percent target the government expects for the full year.

Resource shares led Monday's declines, with the sub-index for the metals and mining sector dropping 1.8 percent. Barrick Gold Corporation dropped 2.9 percent to 20.50 Canadian dollars per share. Teck Resources Limited decreased 2.7 percent to 28.71 Canadian dollars.

The energy sector edged down as oil prices showed signs of weakness after last week's gains. Canadian Natural Resources Limited declined 1 percent to 29.61 Canadian dollars per share. Encana Corporation was down 3 percent to 18.74 Canadian dollars.

Financial stocks also fell on Monday. Royal Bank of Canada, the country's largest bank, lost 0.50 percent to 61.34 Canadian dollars per share. Bank of Montreal slipped 0.48 percent 62.04 Canadian dollars.

The information technology shares rallied, paring some of the Monday losses. The Canadian smartphone maker BlackBerry rose 2.10 percent to 16.04 Canadian dollars per share.

At closing, the Canadian dollar moved down to 0.9897 U.S. dollars at 5 p.m. local time (2100 GMT), compared with 0.9901 U.S. dollars last Friday.

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