Roundup: Canadian stock market falls amid disappointing U.S. corporate earnings
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E-mail Xinhua, April 18, 2013
The Canadian stock market fell Wednesday as concerns about global economic growth were renewed following weak corporate earnings reports from the United States.
The S&P/TSX Composite Index dropped 172.63 points, or 1.42 percent, to 11,947.92, while the S&P/TSX Venture Composite Index lost 36.40 points, or 3.79 percent, to 923.60.
Canadian stock market's main index lost more than 1 percent Wednesday, erasing all of Tuesday's gains boosted by better-than- expected U.S. housing data, as disappointing quarterly earnings reports from U.S. companies including Bank of America Corp. and Yahoo Inc. depressed the market sentiment.
All eight sectors on the Toronto Stock Exchange's main index went down, with the metals and mining, energy and financial shares dropping the most.
The metals and mining sector was the biggest decliner, losing more than 7 percent due to the fall in both base metals and gold miners. Canadian diversified miner First Quantum Minerals shed 9.4 percent to 15.43 Canadian dollars, almost erasing the gains it made the previous day.
The price of gold, which made a record-setting plunge Monday, was up 0.8 percent, but this did not stop prices of gold-related shares from falling. Barrick Gold Corp, the world's largest gold producer, shed 5.6 percent to 18.17 Canadian dollars per share, playing a big role in leading the main index lower.
Energy stocks fell 2.6 percent as oil prices went down again Wednesday. Suncor Energy dropped 1.5 percent to 27.98 Canadian dollars per share while Canadian Natural Resources slid 1.6 percent.
The financial sector, a key element of the main index, lost 0. 8 percent.
At closing, the Canadian dollar moved down to 0.9744 U.S. dollars at 5 p.m. local time (2100 GMT), compared with 0.9793 U.S. dollars on Tuesday. Endi
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