Weaker than expected Chinese PMI had the commodity space in a tizzy from the get-go today. On a day that saw WTI oil, NYMEX natural gas, gold and copper down 2.7%, 0.5%, 1.4%, and 3.8% respectively, there was no way our market was going to finish in positive territory.
The S&P/TSX Composite (TSX:^OSPTX) finished above its lows of the day but still fell 135 points for a decline of 1.1%. The U.S. Fed wrapped up its two-day policy-setting meeting by indicating that it remains poised to increase its stimulus program should the economy weaken. This 2pm announcement gave the Canadian market a bit of a shot in the arm, however, after bouncing, stocks drifted lower into the close.
With the physical commodities having such a bad day it’s little wonder that several of the biggest contributors to today’s decline were resource related. After leading the index higher yesterday Suncor Energy (TSX:SU) was today’s biggest drag as the stock declined 2.7%. The combined impact that Goldcorp (TSX:G) and Yamana (TSX:YRI) had also helped pull the market lower. These stocks fell 2.5% and 6.5% respectively.
With its 4.7% move higher Loblaw (TSX:L) made the day’s most significant positive contribution. Loblaw released better than expected quarterly results this morning and hiked the dividend more than expected.
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Fool contributor Iain Butler is short $32 July 2013 put options on Goldcorp. The Motley Fool has no positions in the stocks mentioned above.
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