TSX Declines as China Property Woes Pressure Commodities

By Ketki Saxena

Investing.com -- Toronto's main stock index, the S&P/TSX Composite index, started the weak on a weak note, as commodity prices dipped due to fears over China's faltering economic recovery and debt-ridden property sector.

Fears around China's demand scenario were heightened when Country Garden, China's top private real estate developer sought an unprecedented delay in payment for a private domestic bond following trading suspension in eleven such bonds.

The subsequent slide in crude and metal prices weighed heavily on the Dow and the commodity-tilted TSX, even as the S&P500 and Nasdaq were supported by gains in Megacaps and Nvidia.

Toronto Stock Markets News

CargoJet (TSX:CJT) announced that net income had dropped from $160.9 million last year during this quarter down to $31.1 million this year with profits slipping from $8.20 per diluted share last year down to $1.68 per diluted share. Revenue stood at $209.7 million marking a reduction from the prior total revenue figure of $246.7 million while revenue excluding fuel surcharges came out at just about less than the previous year's number - at approximately$171m vs last year's figure of approximately$177m.

Rogers Sugar Inc . (TSX:RSI)revealed plans on Monday regarding investing C$200M into expanding production capacity at their Montreal plant so as meet increasing Eastern Canada demand levels; they expect the increase will be roughly equivalent to around extra hundred thousand tonnes each annum, thereby boosting overall output by nearly fifth part more than currently possible.

Boralex (TSX:BLX) reported a profit attributable to shareholders of $19 million, or 19 cents per diluted share, up from $10 million, or 10 cents per share, a year earlier. Revenue from energy sales and feed-in premiums totaled $210 million, up from $168 million in the same quarter last year.

For all earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

• Boralex Inc (TSX:BLX)
• Cargojet Inc (TSX:CJT)
• Stelco (TSX:STLC)

Top Losers on the TSX Today:

• Ivanhoe Mines (TSX:IVN)
• Northwest Healthcare Properties REIT (TSX:NWH_u)
• Sleep Country (TSX:ZZZ)

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

No Major Economic Data Expected

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All currencies CAD, unless stated otherwise.