Today in the markets
North American stocks sank for the second-consecutive session Thursday a day after the U.S. Federal Reserve stimulus comments and on China growth concerns.
The TSX fell 300 points to 11,969, while the Venture exchange was off 32 points at 893.
Gold, materials, and mining stocks led the TSX sell off Thursday as every sector was in the red.
Movers on Bay Street included shares of Avanti Mining (TSX: V.AVT), which jumped 18% to 6.5 cents after the company said it has entered into an offtake agreement with ThyssenKrupp Metallurgical Products GMBH for 50% of its total molybdenum production from the life of its Kitsault mine in British Columbia.
HSBC’s China manufacturing Purchasing Managers’ Index fell to a nine-month low of 48.3, down from May’s final reading of 49.2, and worse than the economist consensus of 49.1. A reading below 50 indicates contraction.
The Dow was down 354 points to 14,758, and the Nasdaq gave back 79 points to 3,365.
Gold prices plummeted $87.80, or more than 6%, to $1,286.20 an ounce, while July silver sank $1.80 to $19.82. It was the lowest close for gold since September 2010.
For news about small stocks that made big moves Thursday’s trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.