By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Canadian stocks declined Friday as the U.S., Canada’s largest trading partner, reeled in the aftermath of a nonfarm payrolls report that showed it did not add any jobs to its economy in August.
Adding pressure to Canadian shares, oil and most commodities turned lower as the employment data cast a pall on U.S. growth and, by extension, on demand for raw materials.
Jobs data spell bad news
Market Beat's Mark Gongloff explains Friday's disappointing jobs report numbers and how this will affect our economy.
Canada’s S&P/TSX Composite Index lost 98.33 points, or 0.8%, to close at 12,602.41.
U.S. equities traded sharply lower and oil tumbled 2.8% Friday after the Labor Department said Friday the U.S. economy didn’t add any jobs in August, the weakest performance for nonfarm payrolls since September 2010. Read more about U.S. stocks.
Despite a leg up for gold, which thrived on expectations the dismal jobs report would hasten economic stimulus in the U.S., metals and mining stocks led losses in Toronto.
The S&P/TSX Capped Diversified Metals and Mining Index was down 3.7%.
The biggest decliners among miners included Silvercorp Metals Inc /zigman2/quotes/210397281/delayed CA:SVM +6.41% , down 9.7%.
Gold futures trading in New York gained 2.6% on Friday. Read more about metals futures.
Meanwhile, some of Canada’s largest companies saw red.
Jetmaker Bombardier Inc. /zigman2/quotes/208994866/delayed CA:BBD.B -0.28% declined 1.8%. The maker of the BlackBerry, Research In Motion Ltd. , fell 4.6%.