(MENAFN- ProactiveInvestors) Canadian shares tumbled more than 2 percent after sluggish data from Asia a European Central Bank policymaker’s warning about the bloc’s economy and a selloff in oil prices.
The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) fell 2.7 percent to 14079.72 at 12:33 p.m. in Toronto. Nine shares advanced for every stock as 9 out of the 10 main idustries were down.
China’s imports fell 6.7 percent the customs administration said compared with the median estimate among economists surveyed by Bloomberg News for a gain of 3.8 percent increase. Exports rose 4.7 percent from a year earlier less than the forecast for growth of 8 percent.
The energy sector the main index's second most heavily weighted group tumbled 6.7 percent as Brent crude and West Texas Intermediate slumped to five-year lows. Energy (TSE:SU) Canada's largest oil sands producer dipped 5.2 percent to $33.89. () Canada's largest pipeline company declined 4.1 percent to C$56.06. () the country's second-largest oil and gas company eased back 5 percent to C$35.27.
() sank 8.3 percent to C$6.28 after Canada's largest oil and gas drilling contractor said it plans capital spending next year of C$493 million well below the about C$885 million it expects to spend this year.
Brent for January settlement declined 3.5 percent to $66.65 a barrel at 10:50 a.m. New York time on the London-based ICE Futures Europe exchange. WTI for January delivery dropped 3.2 percent to $63.73 a barrel on the New York Mercantile Exchange. Oil tumbed amid concern that hedge funds and other money managers bet too much on rising prices.
Financials the index's most heavily weighted sector decreased 2.4 percent. () which has the heaviest weighting in the index slid 2.4 percent to C$78.45. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value lost 3.6 percent to C$52.32.
Bank of Nova Scotia () fell 3.6 percent to C$63.86 afte the third-largest Canadian lender had its rating cut to “sector perform” from “outperform” at National Bank Financial. The research company said faces near-term challenges with respect to its performance in International Banking and macro-concerns related to commodity price levels and the risk to Latin America’s economies.
The materials sub-index which includes mining shares gave back 2.4 percent even as gold futures rose for the first time in three days as signs that money supplies will increase in Europe and Asia revived investor demand.
(TSE:ABX) fell 1.6 percent to C$13.00. (TSE:G) slipped 1.5 percent to C$21.98.
(TSE:R) climbed 5.2 percent to C$0.510 after the Canadian gold development company focused on production primarily in the U.S. said the South Carolina Board of Health and Environmental Control has declined to consider the Sierra Club's request for a final review conference on the department's decision to issue a mine operating permit for the company's 100 percent-owned Haile gold mine project.
Gold futures for February delivery climbed 0.4 percent to $1194.70 an ounce at 10:05 a.m. on the Comex in New York.
Norbord () advanced 3.6 percent to C$24.79 after the Canadian wood panel maker agreed to acquire Ainsworth Lumber (TSE:ANS) in an all-stock deal valued at C$762.6 million.
BlackBerry (TSE:BB) rose 2.3 percent to C$12.49 after unveiling a secure clinical genome browser that gives doctors access to patients’ genetic data on the BlackBerry Passport smartphone.
The junior () skidded 2.3 percent to 686.10 at 12:07 p.m. in Toronto.
In economic news Canadian housing starts rose the fastest in seven months in November on gains in multiple-unit work. Canada Mortgage & Housing Corp. an Ottawa-based government agency said today that the pace of work on new homes rose 6.5 percent to 195620 units at a seasonally adjusted annual pace in November.
In the U.S. market shares wavered as gains among health-care companies overpowered weaker-than-expected Chinese trade data and a slump in energy producers. The S&P 500 (INDEXSP:.INX) slipped 0.1 percent at 11:32 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.1 percent while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) edged up 0.1 percent. Most followed shares included Edwards Lifesciences McDonald’s ClubCorp Holdings Delia*s American Airlines and Alibaba.
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