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TSX, TSX-V weighed down by weak commodities, Stats Can manufacturing report

15th Jun 2011, 4:09 pm by Brad Lemaire
TSX, TSX-V weighed down by weak commodities, Stats Can manufacturing report

Canadian equities were battered on the day of trade weighed down heavily by weaker commodities, while Statistics Canada reported a decrease in manufacturing sales in April.

The S&P/TSX Composite Index fell sharply losing 148 points to trade at 12,941.99, while the S&P/TSX Venture Composite Index lost 21.54 points to trade at 1,923.61. The loonie plunged 1.24% or 12 cents to trade at $1.018.

In the oil markets, crude oil crashed 4.34%, losing $4.41 to trade at $95.06 a barrel. Contracts for silver, copper and platinum were down across the board each losing 0.01%, 1.08%, 1.21%; respectively. Gold futures were up 0.24% or $3.70 to trade at $1,527.50 per ounce.

Today, Statistics Canada reported that manufacturing sales decreased by 1.3% in April to $46.7 billion. The decrease in total manufacturing sales for April reversed much of the 1.9% gain for March, Statistics Canada said.

The transportation equipment sector accounted for most of the decline as sales fell 7.8% to $7.0 billion in April. The drop represents an 8.6% decline in the motor vehicle industry and a 5.4% decrease in the motor vehicle parts industry.

The Statistics Canada report went on to note that manufacturers in both industries reported that the Tsunami in Japan affected the availability of some inputs.

By 3 p.m. today, the metals and mining sector suffered the biggest loss, down 2.12%.

The energy sector did not go unscathed either, losing 1.95%, with bitumen and heavy-oil focused OPTI Canada (TSE:OPC) falling a staggering 33.33% to trade at $0.100 after it announced yesterday it cannot make a US$71 million interest payment on its senior secured loans.

Katanga Mining (TSE:KAT) bled 13.89% or 25 cents a share to trade at $1.55, and Suncor Energy (TSX:SU) dropped 3.10% to trade at $37.20.

Financials took a hit too, losing 1.38% with Manulife Financial (NYSE:MFC) shedding 2.17% to trade at $15.79, while Royal Bank (TSE:RY) fell 1.16% to trade at $53.77. Health care stocks  continued their decline, losing 0.91%.

The biggest gainer on the day of trade was Breakwater Resources (TSE:BWR), as shares surged more than 40% to trade at $7.41 after the Canadian mining company said it has agreed to be bought by Nyrstar (EBR:NYR), in a friendly takeover deal worth $663 million, or $7.50 per share.

Air Canada (TSE:AC.B) shares were up 12 cents to trade at $2.01, as Ottawa threatened to end the workers' strike over pensions.

ARISE Technologies Corp. (TSE:APV), maker of high-efficiency photovoltaic solar cells, saw shares drop 13.04%. The Canadian-based company posted weaker earnings results yesterday.

Shares for Ram Power Corp. (TSE:RPG), a renewable energy company based in Reno, Nevada, also saw shares decline 3.19%.

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