The Toronto stock market moved deeper into the red Thursday amid China economic growth concerns that have pressured markets all week, as well as the crisis in Ukraine.
The S&P/TSX composite index retreated 73.86 points to finish Thursday at 14,245.14.
The Canadian dollar hiked 0.53 cents at 90.46 cents U.S.
Copper prices have slid 9% over the past five sessions while the TSX base metals segment has by far been the worst performer this week, also down about 9%.
The May contract for the metal lost four cents to $2.92 U.S. a pound Thursday and the TSX base metals sector was lower, with stalwarts like Teck Resources down 56 cents to $22.69.
More than demand issues have weighed on copper. The metal is also used for financing transactions and worries about corporate defaults have prompted concerns that a wave of such failures could result in a massive liquidation of copper on the markets.
The energy sector skidded as Imperial Oil dropped 27 cents to $50.79, and Suncor backtracked 45 cents to $36.25.
Bullion prices closed modestly higher amid concerns centred on the Ukraine-Russian conflict, and the gold sector was ahead as Barrick Gold popped 36 cents to $22.98 and Kinross Gold took on 26 cents to $5.78
In corporate news, shares in Empire Company Ltd., fell $2.12 to $68.10 as the parent of supermarket chain Sobeys Inc. reported that quarterly net earnings slumped to $400,000 or nil per diluted share compared with $74.1 million or $1.09 per share in the year-earlier period. Ex-items, earnings were 84 cents per share, below analysts' estimate of $1.23 per share.
Media giant Quebecor Inc. posted adjusted earnings from continuing operations of $68 million or 55 cents per share, while revenues remained relatively flat at $1.12 billion. Analysts had called for 53 cents of adjusted earnings on $1.15 billion in revenues and its shares dipped 15 cents to $24.79.
On the economic slate, Statistics Canada reported that its new housing price Index rose 0.3% in January, following a 0.1% gain in December. The national increase was the largest since May 2012 and mainly the result of strong gains in the Prairie region.
ON BAYSTREET
The TSX Venture Exchange plummeted 14.28 points to 1,032.11
All but two of the 14 Toronto subgroups were lower on the day, as global base metals ditched 1.7%, consumer discretionaries were down 1.3%, likewise information technology
The two lone gainers were gold, up 2%, while materials prospered 0.7%.
ON WALLSTREET
Stocks south of the border fell sharply Thursday despite positive economic news from the United States and instead focused on global tensions and more bad news out of China.
The Dow Jones Industrial Average lurched back 231.19 points, or 1.4% to 16,108.89
The S&P 500 index lost 21.94 points to 1,846.26. The NASDAQ jettisoned 63.26 points to 4,260.07.
But even with the broader market lower, several high-profile stocks gained ground.
Fuel cell maker Plug Power was sharply higher after releasing fourth quarter results. Although the company reported a loss, CEO Andy Marsh said he believes that orders for this year will be nearly four times 2013's total orders.
The stock has surged since disclosing a big order from Wal-Mart last month. But it -- as well as rivals FuelCell Energy and Ballard Power Systems -- are highly speculative companies.
Amazon rose after saying that it would boost the annual cost of its Amazon Prime membership by $20 a year to $99 U.S. Investors seemed relieved that the price hike was not as steep as it said it could be just a month ago
Herbalife was sharply lower following a selloff on Wednesday after the Federal Trade Commission said it's investigating the multi-level marketer. Shares are down nearly 27% so far this year. Hedge fund manager Bill Ackman has been a loud critic of the company, calling it a "pyramid scheme".
Krispy Kreme Doughnuts reported a strong outlook for sales and earnings.
Shares were up slightly today, and are up more than 30% over the past 12 months. Dunkin' Brands was lower Thursday, but the stock is up nearly 40% in the past year.
In-flight digital entertainment provider Gogo was down despite reporting a smaller than expected loss, and beating revenue estimates in the fourth quarter.
Shares of discount retailer Dollar General were lower after reporting weaker than expected sales in the fourth quarter. Dollar General blamed the bad winter weather
Wall Street is waiting to see what happens in Sunday's Crimean referendum on joining the Russian Federation, and what that outcome may mean for markets.
In addition, China announced that retail sales and industrial production were both worse than expected and that helped add to worries that the story out of China won't be a good one for investors anytime soon.
Economically speaking, the U.S. government reported that retail sales in February were up 0.3%. This was the first increase in three months as consumers bought more autos and clothing. On the jobs front, initial unemployment claims fell by 9,000 to 315,000, a three-month low.
Prices for 10-year U.S. Treasuries charged higher, lowering yields to 2.65% from Wednesday’s 2.73%. Treasury prices and yields move in opposite directions.
Oil prices gained 27 cents to $98.26 U.S. a barrel.
Gold prices eked ahead $2.50 to $1,373 U.S. an ounce.
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