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Canadian Shares Fall After Surprisingly Large China Trade Deficit

By: MT Newswires
Posted: 3/12/2012 11:14:00 AM
Referenced Stocks: CP;GBG;GIL;MERC

Canadian stocks are lower after weak trade data from China.

China reported a $31.48 billion deficit, the largest monthly trade deficit in at least 12 years and much wider than the Dow Jones median forecast of an $8.5 billion deficit. That added to fears of an economic slowdown there.

Oil and gold prices fell on demand worries.

In company news, Mercer International ( MERC ) has fallen more than 3% after it said the Court of Quebec has reversed a cease trade order against a private placement of special warrants by Fibrek Inc to Mercer.

Canadian Pacific ( CP ) slipped although Canaccord Genuity raised its price target to C$90 from C$89.

Gildan Activewear ( GIL ) firmed 2% after National Bank Financial raised its price target to C$32 from C$28.

Great Basin Gold ( GBG ) dipped on a downgrade by BMO to market perform.

The S&P/TSX index was last down 0.6% at 12,422.08.