Canadian stocks were extending losses for a third session Monday morning as commodities moved lower, with traders fretting over a recent batch of downbeat manufacturing data out of Europe and China. Meanwhile, survey results from Ifo Institute revealed German business sentiment dropped for a fifth straight month in September to hit its lowest since early 2010.
The S&P/TSX Composite Index slipped 15.44 points or 0.12 percent to 12,368.16, after shedding 50 points or 0.50 percent in the past two sessions.
The price of crude oil was moving lower Monday morning as risk appetite waned amid falling euro and equity markets. Crude for November lost $1.10 to $91.79 a barrel.
In the oil patch, Crescent Point Energy (CPG.TO), Encana Corp. (ECA.TO) and Tourmaline Oil (TOU.TO) were down around 3 percent each.
The price of gold was moving lower Monday morning as the U.S. dollar was recovering from its recent losses versus a basket of currencies ahead of this week's economic data. Gold for December shed $9.60 to $1,768.40 an ounce.
Among gold plays, Agnico-Eagle Mines (AEM.TO) and Newmont Mining (NMC.TO) were down around 3 percent each. Royal Gold (RGL.TO), Goldcorp. (G.TO) and Detour Gold (DGC.TO) slipped nearly 1 percent each.
Full-service investment dealer Canaccord Financial Inc. (CF.TO) lost 3 percent after it said it would acquire the wealth management business of Eden Financial Ltd., a boutique UK private client investment management business for about 12.8 million pounds
Bio-pharmaceutical company Medicure Inc.(MPH.V) announced its board approval for a consolidation of its common shares on the basis of fifteen pre-consolidation shares for each one post-consolidation share. The stock dived 12 percent.
Meanwhile, Seabridge Gold (SEA.TO) gained over 3 percent.
International pharmaceutical company Valeant Pharmaceuticals International Inc. (VRX.TO) has acquired Visudyne, used to treat abnormal growth of leaky blood vessels in the eye caused by wet age-related macular degeneration, from QLT Inc. (QLT.TO) for about $62.5 million Shares of VRX gained 1 percent and QLT Inc rose over 5 percent.
In economic news from the euro zone, German business sentiment declined for the fifth consecutive month in September, survey results from Ifo Institute revealed. The business climate index fell to 101.4 from 102.3 in August. The index was forecast to remain unchanged at 102.3. The index for current situation dropped to 110.3 in September from 111.1. Economists had forecast a reading of 111. Likewise, the gauge of executives' expectations dropped to 93.2 from 94.2, and well below the consensus forecast of 95.
by RTT Staff Writer
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