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Canadian Shares Fall After Surprisingly Large China Trade Deficit
By: MT Newswires
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.