TSX slides amid huge jobs miss lower Chinese inflation higher commodities

TORONTO — The Toronto stock market was lower Friday as data showed Canadian job creation remained volatile in April.The S&P/TSX composite index lost 23.22 points to 14,522.81.The Canadian dollar tumbled 0.69 of a cent to 91.71 cents US as jobs data for April showed a big decrease in employment. Statistics Canada reported that the economy cut 28,900 jobs, against expectations of a gain of about 12,000. It was also a huge turnaround from the previous month when the economy cranked out 43,000 jobs, which means 14,000 jobs were added over the two-month period.The unemployment rate held steady at 6.9%. U.S. indexes were lower with the Dow Jones industrials down 43.86 points to 16,507.11, the Nasdaq lost 19.42 points to 4,032.07 while the S&P 500 index declined 7.34 points to 1,868.29.The TSX is heading for a negative week after three weeks of advances, after traders digested a heavy slate of earnings news and a forecast calling for lower global economic growth from the Organization for Economic Co-operation and Development. But it is still one of the best performing stock indexes, up almost 7% year to date.It was a quiet morning for earnings news as TMX Group Ltd., the operator of the country’s largest stock posted first-quarter net income of $46.4 million, or 86 cents per share, up 23% from a year ago. The owner of the Toronto and TSX Venture stock exchanges, Montreal derivatives market and other securities exchanges says revenue was up 6% to $182.1 million. Its stock dipped four cents to $58.11.Shares in The Second Cup Ltd. 6lost 10 cents to $4.75 as the coffee chain reported a drop in its first-quarter net income to $56,000, or one cent per share, compared with $688,000, or seven cents per share, in the same quarter of 2013. Revenue was up at $7.6 million, compared with $6.2 million year-over-year.On Thursday after the markets closed, energy producer Canadian Natural Resources said that quarterly net income totalled $622 million or 57 cents per share compared with $213 million or 19 cents in the prior-year period. Revenue for the three months ended March 31 rose to almost $4.4 billion from $3.76 billion in the prior-year period and its shares gained 60 cents to $43.60.In other corporate developments, The Financial Times reported that Apple is orchestrating a $3.2 billion acquisition of Beats Electronics, the headphone maker and music streaming distributor founded by hip-hop star Dr. Dre and record producer Jimmy Iovine. It said that Apple could announce a deal as early as next week.There was some positive inflation news from China. Consumer prices in the world’s second-largest economy rose 1.8% over a year earlier, down from March’s 2.4% increase, giving the government more leeway if needed to stimulate the slowing economy.The TSX energy sector led decliners, down 0.45% while renewed concerns about tensions in Ukraine pushed June crude up 57 cents to US$100.83 a barrel.Pro-Russian insurgents in eastern Ukraine are planning a referendum on independence over the weekend, in apparent defiance of a call by Russian President Vladimir Putin to put off the vote. July copper was up one cent to US$3.07 a pound while June bullion gained $3.40 to US$1,291.10 an ounce and the precious metals and base metals sectors were both up about 0.3%.

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