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March 6, 2012, 12:17 p.m. EST

Canadian stocks dive on growth fear, China demand

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By Warangkana Chomchuen

NEW YORK (MarketWatch) — Canadian stocks posted a sharp loss on Tuesday as concerns over the global economic outlook weighed down markets, and worries about resources demand from China pushed down prices of commodities producers.

The S&P/TSX Composite Index   lost 215.80 points, or 1.7%, to 12,308.15. The Canadian benchmark fell nearly 1% when it closed on Monday.

The S&P/TSX Capped Diversified Metals & Mining Index  slumped 4%, the biggest decliner among the benchmark’s subsectors. Shares of copper producers fell amid concerns about demand from China after the world’s largest copper producer lowered its growth projection to 7.5% from 8% on Monday.

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Shares of First Quantum Minerals /zigman2/quotes/209694942/delayed CA:FM -7.00%  fell 7.7%. Inmet Mining Corp. shares  were down 3% and Lundin Mining /zigman2/quotes/201246870/delayed CA:LUN -8.39%   declined 6.8%.

Derek Holt, Scotia Capital, said in an emailed note that the markets shouldn’t get carried away in expectations toward China’s cumulative policy easing through required reserve ratio and/or fiscal stimulus.

The Chinese authorities “are signaling comfort with cumulative growth down to 7.5%,” Holt said in his email. “It’s fairly clear that China has shifted toward focusing upon imbalances and inflation risk over growth concerns, so be careful toward any bullish slant here.”

Gold futures fell for the third session, down 1.8% to $1,673.50 an ounce. Barrick Gold shares  declined 2%. Banro Corp.  dropped 5.8%.

Equities in the energy group declined 2.3%, with Calfrac Well Services /zigman2/quotes/202132416/delayed CA:CFW -4.77%  falling 4.3%. Suncor Energy /zigman2/quotes/204570600/delayed CA:SU -9.26%  shares were down 3%.

In technology, shares of Open Text Corp. /zigman2/quotes/204542734/delayed CA:OTC +2.25%  declined 2.8%.

Research In Motion  wavered between gains and losses as analysts expected weak sales ahead of the BlackBerry maker’s fourth-quarter results later in March.

Equities of Canadian banks fell. Bank of Nova Scotia /zigman2/quotes/206642548/delayed CA:BNS -0.93%  shares dipped 0.3% on earnings results. Canada’s third largest bank by assets reported a 15% increase in its first-quarter profit and raised its quarterly dividend by 6%.

Among a few gainers, Wajax Corp. /zigman2/quotes/209647880/delayed CA:WJX -3.29%  shares rose 4.3%. The industrial machinery and equipment dealer reported stronger fourth-quarter revenue and raised its monthly dividend 35%.

Shares of construction and infrastructure company Aecon Group Inc. /zigman2/quotes/204582927/delayed CA:ARE -5.20%  climbed 2% on a quarterly dividend increase and higher fourth-quarter earnings.

Commodity-sensitive Canadian loonies /zigman2/quotes/210561978/realtime/sampled USDCAD +0.7488%  weakened against the U.S. counterpart, with one U.S. dollar buying C$1.0014 from C$0.9940 late Monday.

/zigman2/quotes/209694942/delayed
CA : Canada: Toronto
$ 21.38
-1.61 -7.00%
Volume: 3.16M
Sept. 23, 2022 4:00p
P/E Ratio
8.62
Dividend Yield
1.50%
Market Cap
$14.79 billion
Rev. per Employee
$584,642
loading...
/zigman2/quotes/201246870/delayed
CA : Canada: Toronto
$ 6.44
-0.59 -8.39%
Volume: 7.17M
Sept. 23, 2022 4:00p
P/E Ratio
5.40
Dividend Yield
5.59%
Market Cap
$5.01 billion
Rev. per Employee
$340,484
loading...
/zigman2/quotes/202132416/delayed
CA : Canada: Toronto
$ 5.19
-0.26 -4.77%
Volume: 116,100
Sept. 23, 2022 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$202.12 million
Rev. per Employee
$434,629
loading...
/zigman2/quotes/204570600/delayed
CA : Canada: Toronto
$ 36.95
-3.77 -9.26%
Volume: 10.88M
Sept. 23, 2022 4:00p
P/E Ratio
5.64
Dividend Yield
5.09%
Market Cap
$50.43 billion
Rev. per Employee
$3.01M
loading...
/zigman2/quotes/204542734/delayed
CA : Canada: TSX Venture
$ 0.46
+0.01 +2.25%
Volume: 5,137
Sept. 23, 2022 12:46p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$15.49 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/206642548/delayed
CA : Canada: Toronto
$ 69.23
-0.65 -0.93%
Volume: 8.37M
Sept. 23, 2022 4:00p
P/E Ratio
8.30
Dividend Yield
5.95%
Market Cap
$82.58 billion
Rev. per Employee
$460,944
loading...
/zigman2/quotes/209647880/delayed
CA : Canada: Toronto
$ 18.52
-0.63 -3.29%
Volume: 41,741
Sept. 23, 2022 4:00p
P/E Ratio
6.78
Dividend Yield
5.40%
Market Cap
$394.06 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/204582927/delayed
CA : Canada: Toronto
$ 10.03
-0.55 -5.20%
Volume: 598,609
Sept. 23, 2022 4:17p
P/E Ratio
31.18
Dividend Yield
7.38%
Market Cap
$611.38 million
Rev. per Employee
$739,185
loading...
/zigman2/quotes/210561978/realtime/sampled
US : Tullett Prebon
1.3589
+0.0101 +0.7488%
Volume: 0.0000
Sept. 23, 2022 4:59p
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