Canada's main stock index fell more than 1 percent on Wednesday as weak economic data from China and falling commodity prices fuelled sharp falls in shares of materials and energy companies. The Toronto Stock Exchange's S&P/TSX composite index was down 132.22 points, or 1.06 percent, at 12,324.28 in early afternoon trade. Growth of the manufacturing sector in China, a big consumer of commodities which Canada exports, unexpectedly slowed in April as new export orders fell, raising fresh doubts about the strength of the economy after a disappointing first quarter.
Miner Yamana Gold Inc recorded one of the biggest declines, falling 9 percent after reporting quarterly results, and the price of bullion weighed further as holidays in China and parts of Europe slowed gold buying. The materials sector, which includes mining stocks, declined 2.2 percent. Yamana reported a 40 percent drop in first-quarter profit late on Tuesday as lower gold prices and higher costs outweighed a boost in production. The stock was down at C$11.36. Energy shares gave back 1.7 percent as oil prices slipped.
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