Gold Miners Crushing Canadian Stocks For A Second Day; Financial, Energy Shares Also Retreat

By Staff,

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Canadian stocks are most lower today, with big declines among shares of gold mining companies dragging the commodities-heavy market lower for a second day. Financial and energy stocks also are sharply lower following disappointing jobs data out of the U.S. and new signs the euro-zone economy is falling into another recession. Information technology companies are lone industry sector in the S&P/TSX Composite Index to post a gain, rising 0.3% as a group.

In economic news, manufacturing sales advanced 0.4% to $49.8 billion in September, according to StatisticCanada. The gain reflected higher production in the aerospace product and parts industry as well as rising sales of primary metals. Excluding the aerospace industry, total manufacturing sales decreased 0.7% - largely due to declines in the motor-vehicle assembly.

Sales rose in 8 of 21 industries, representing just under half of Canadian manufacturing. Sales of durable goods increased 1.1% to $25.8 billion, while non-durable goods sales decreased 0.4% to $24.0 billion.

Here's where the Canadian markets stand today:

- S&P/TSX Composite Index down 112.18 (-1%) to 11,817.61.

- S&P/TSX Venture Composite Index 32.49 lower (-2.5%) to 1,226.20

In company news, Canadian Solar ( CSIQ ) shares are down 16% and have hit new year lows after the company posted a Q3 loss of $1.01 per share, ex items, more than double the $0.47 loss analysts were expecting. Revenues of $326 million also trailed estimates by nearly $25 million.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: CSIQ

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