Stocks down in early trading amid falling gold and mining stocks

Canadian Press, The Canadian Press
0 Comments| June 30, 2014

TORONTO _ The Toronto stock market opened lower, dragged down by declining gold and metals and mining stocks.

The S&P/TSX composite index faded points to 15,048.67.

The loonie dropped 0.13 of a cent at 93.67 cents US, as Statistics Canada reported the economy grew by 0.1 per cent in April, the same pace as in March. The figures failed to meet economists' expectations of a gain of 0.2 per cent, according to Thomson Reuters.

Meanwhile, traders are awaiting two key reports in the U.S. this week _ the Institute for Supply Management's June reading on the manufacturing sector Tuesday and the U.S. government's employment report for last month, which is being released on Thursday. Markets are hoping to see clear signs of the underlying strength of the U.S. economy.

New York indexes were mainly lower as the Dow Jones industrials shed 30.82 points to 16,821.02, the Nasdaq was up 3.76 points to 4,401.69, while the S&P 500 index slipped 0.53 of a point to 1,960.43. It's a shortened trading week for both the Toronto Stock Exchange, and the New York markets. The TSX will close Tuesday for Canada Day and the U.S. indexes closed July 4 for Independence Day.

On the commodity markets, the August crude contract on the New York Mercantile Exchange was down 54 cents to US$105.20 a barrel. August bullion was down $5.80 to US$1,314.2 an ounce, while September copper was US$3.16, down less than a penny.


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