TSX Drops 100 Points On Lingering Overseas Concerns -- Canadian Commentary

(RTTNews) - Canadian stocks were notably weaker approaching mid-day on Monday, as mining shares were hit hard by concerns about global demand and rising interest rates.

The S&P/TSX composite index dropped 102 points to 13,592.44, moving further from January's 3-year highs above 14,000.

The Canadian dollar also continued to nosedive, dropping below 90 cents US for the first time since 2009.

Base metals were down 2.5 percent as most commodities prices edged lower on discouraging economic news from China.

An indicator of Chinese non-manufacturing sector activity declined in January, in another sign that the economy is slowing amid Beijing's efforts to push through planned reforms.

In corporate news, Husky Energy Inc (HSE.TO) plans a C$300 million project at its 160,000-barrel-per-day refinery at Lima, Ohio. The stock is flat.

A Canadian National Railway (CNR.TO) train carrying fuel oil, liquid fertilizer and methanol derailed Friday in southern Mississippi. Nobody was hurt. Shares are down fractionally.