rI at the close, May 4, 2012
Canada’s TSX exchange sneezed away the entirety of its 2012 gains on Friday, helped along by rough employment numbers out of the US Department of Labour and nagging uncertainty over Europe’s competence in handling its economic affairs.
On Friday the S&P / TSX composite index closed at 11,871.23, shedding 143.66 points, or 1.20%. Eight of the 10 sub-indexes declined, led by energy, which lost 2.25% as the price of crude oil fell $4.05 US to $98.49 US a barrel.
Gold picked up $10.40 US on the negative market sentiment, most recently trading at $1,645.20 US an ounce.
Equity markets not just in the US and Canada but throughout Europe as well, have struggled this week in the face of a cooling US jobs market. The percentage of unemployed Americans now stands at 8.1%, which is actually a decrease—if only because many have given up looking for work.
In the EU, the unemployment rate stands at a whopping 10.9%, the highest in about 15 years and shows no signs of abating.
The Financial Post put the TSX’s performance succinctly into context today: “After roaring like a lion into 2012, the economic data have spent the spring acting more like a lamb, taking some steam out of the equity market rally. Meantime, the TSX was up to its old tricks, underperforming with a three per cent decline this week, as all 10 major sectors were in the red. Canadian stocks are now down 0.7 per cent in 2012, the worst performing index on the global major market leaderboard — worse than France, which will see political drama play out this weekend; and the U.K., which has stumbled into a double-dip recession.”
Uncertainty seems almost guaranteed into the coming months with key elections in France, Greece and—later in the year—in the US that could significantly sway policy to the left or right. Perhaps that’s the term that will end up defining 2012: The Year of Uncertainty. Although the year seemed to start with a gust of promise, that has long fizzled with economic growth faltering again and resource stocks suffering as a consequence.
Top Gainers in TSX
Chieftain Metals Inc CFB:TSX 0.40 (11.94%)
Primero Mining Corp. / Formerly as Mala Noche Resources Corp. – Jun 28, 2010 P:TSX 0.20 (7.17%)
Jaguar Mining Inc. JAG:TSX 0.15 (6.76%)
Golden Star Resources Ltd. GSC:TSX 0.09 (6.52%)
Oromin Explorations Limited OLE:TSX 0.04 (6.15%)
Top Gainers in TSX Venture
Yellowjacket Resources Ltd. YJK:TSX VENTURE 0.06 (52.17%)
Copper One Inc. CUO:TSX VENTURE 0.09 (50.00%)
Avrupa Minerals Ltd. / Formerly as Everclear Capital Ltd. AVU:TSX VENTURE 0.07 (35.14%)
Silver Sun Resource Corp. SSU:TSX VENTURE 0.06 (30.56%)
Los Andes Copper Limited LA:TSX VENTURE 0.08 (25.00%)
Top Losers in TSX
Elemental Minerals Ltd ELM:TSX 0.14 (13.46%)
Gabriel Resources Ltd GBU:TSX 0.21 (10.34%)
Cline Mining Corporation CMK:TSX 0.09 (9.28%)
Globex Mining Enterprises Inc. GMX:TSX 0.12 (9.09%)
Coalspur Mines Limited CPT:TSX 0.13 (8.50%)
Top Losers in TSX Venture
Cricket Resources Inc. CKC:TSX VENTURE 0.09 (42.50%)
Quadro Resources Ltd. QRO:TSX VENTURE 0.06 (33.33%)
Mammoth Resources Corp. MTH:TSX VENTURE 0.05 (30.00%)
Barisan Gold Corporation BG:TSX VENTURE 0.07 (28.57%)
Rome Resources Inc RMR:TSX VENTURE 0.05 (27.78%)