Canadian Stocks Slide with Falling Commodities Prices, Global Market Woes

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Canadian stocks are mostly lower this morning with a slump in commodity prices fueled by unexpectedly weak growth in Chinese imports last month.

China's trade surplus last month was $5.35 billion, the General Administration of Customs today reported today, as an 8.9% increase in exports over year-ago levels exceeded a 5.3% rise in imports. Median estimates were for a monthly trade deficit of $3.5 billion, according to data compiled by FactSet.

Gold, silver and copper futures all are lower today, dragging on mining stocks. Energy company shares also are lower with NYMEX and Brent oil prices both now down over 1% despite reports Iran is cutting off oil exports into selected European countries in response to Western sanctions over Iran's nuclear program.

Financial stocks also are lower following drops in most of global markets.

Material companies, with the exception of certain gold miners, began lower on the news. Industrial and financial issues also are broadly lower today.

Here's where the major Canadian market indices stand this morning:

S&P/TSX Composite Index down 8.56 (-0.07%) to 12,009.94.

S&P/TSX Venture Composite Index down 8.00 (-0.55%) to 1,440.65.

In company news, U.S.-listed shares of Allied Nevada Gold Corp ( ANV ) are down about 0.7% late morning after the company released an updated technical report for its Hycroft mine near Winnemucca, Nev. Among the highlights of the revised mine plan are a 37% internal rate of return and $1.6 billion net present value. ANV also is now projecting a a 19-year operating life with 12.7 million ounces of gold and 481.9 million ounces of silver. The 10-year production average is seen reaching 582,260 ounces of gold and 29.1 million ounces of silver per year.

Also, Mines Management Inc. ( MGN ) shares are flat this morning with the company today announcing a new earn-in agreement with with Estrella Gold Corp. allowing the MGN to eventually own as much as the La Estrella Project in central Peru. The deal calls on MGN to by make periodic option payments and spending $5 million on exploration related activities.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: ANV , MGN

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