The Toronto stock market closed lower Monday as traders cashed in on some of last week's strong gains while another dose of subpar economic data from Asia depressed commodity prices.
The S&P/TSX composite index fell 52.56 points to 11,838.83, following a 2% rise last week on hopes that central banks will move to keep a flagging global economic recovery going. The TSX Venture Exchange was ahead 6.37 points to 1,197.37.
The 91原创 dollar was down 0.15 of a cent at 100.76垄 US.
U.S. markets were mainly lower as the Dow Jones industrials slipped 38.52 points to 13,169.43. The Nasdaq composite index rose 1.66 points to 3,022.52 and the S&P 500 index slipped 1.76 points to 1,404.11.
TSX losses were led by sliding base metal stocks after data showing a steep falloff in Japanese economic growth during the second quarter.
The stall reflected the fallout from Europe's debt crisis and a sharp rise in the value of the yen that made it more difficult for the country's export sector to compete.
The data followed news on Friday that export growth in China during July plunged to just 1% from the previous month's 11.3% - well below forecasts of about 5%. The dismal report helped fuel speculation that China's central bank was preparing to act with some type of measure to spur business activity.
Investors are also hoping to see further stimulus action from the U.S. Federal Reserve and European Central Bank to keep Europe's monetary union intact.
On Tuesday, traders will be looking for the latest estimates of second-quarter growth in the 17-nation eurozone, July retail sales in the U.S. and 91原创 manufacturing shipments for June.
The TSX base metals sector was off 1.36% as the Japanese data pushed September copper on the Nymex down another 4垄 to US$3.35 a pound. Copper slipped 3垄 Friday in the wake of the disappointing Chinese data. China is the biggest consumer of the metal.
Teck Resources lost 75垄 to $29.58 while Taseko Mines was down 8垄 to $2.60. The gold sector was down about 1.2% as December gold also lost early momentum to move down $10.10 to US$1,609.60 an ounce. Goldcorp Inc. faded 42垄 to $36.73 while Iamgold slipped 20垄 to $11.18.
The energy sector dropped 0.69% as oil prices fell for a second day. Benchmark crude for September delivery inched 14垄 lower to $92.73 a barrel.
Stock market operator TMX Group fell $2.75 or 5.53% to $47. Maple Group Acquisition Corp. completed its offer to acquire the operator of the Toronto Stock Exchange on Friday.
