(RTTNews.com) - Canadian stocks were lingering in the red Wednesday morning amid gloomy forecasts for world economic growth, with the IMF trimming its estimates for global economic growth and warning that mature economies are at risk of recession. The IMF, in its recent report, predicted that the world economy will grow 3.3 percent this year, the slowest since the 2009 recession, and 3.6 percent next year, compared with July predictions of 3.5 percent in 2012 and 3.9 percent in 2013. Also, weak outlook from resource giant Alcoa Inc. weighed on trader sentiment. The S&P/TSX Composite Index lost 32.05 points or 0.26 percent to 12,241.52, after losing nearly 200 points in the past two sessions. In the commodities market, the price of crude oil was ticking higher Wednesday morning after witnessing smart gains in the previous session on supply concerns. Meanwhile, the Organization of the Petroleum Exporting Countries maintained its 2013 world oil demand growth forecast at 0.80 mbd and that of its world economic growth projection at 3.2 percent for 2013. Crude for November edged up $0.77 to $93.16 a barrel. In the oil patch, Niko Resources (NKO.TO) extended losses for a second session, shedding nearly 5 percent. Baytex Energy Corp. (BTE.TO) and Trilogy Energy (TET.TO) were down around 1 percent each. Sport equipments maker Bauer Performance Sports (BAU.TO) lost 2 percent after posting lower first-quarter net income of C$16.0 million or C$0.45 per share compared to C$22.6 million or C$0.72 per share in the prior year quarter. The price of gold little changed Wednesday morning amid global growth concerns after the recent warning from the IMF on world economic growth. Gold for December edged up $1.10 to $1,766.10 an ounce. Among gold stocks, AuRico Gold (AUQ.TO) surged 18 percent after announcing that it would sell the Ocampo Mine and enter into a joint venture agreement on the Orion Project for $750 million in cash. Centerra Gold (CG.TO) moved up 8 percent, while Allied Nevada Gold (ANV.TO) was adding over 4 percent. Iamgold (IMG.TO), Yamana Gold (YRI.TO) and Detour Gold (DGC.TO) gathered around 2 percent each. Kinross Gold Corp. (K.TO) gained 2 percent announcing that Executive Vice-President and Chief Financial Officer, Paul Barry, would depart in order to pursue other interests. Energy services company Hyduke Energy Services (HYD.TO) added over 1 percent to C$0.84 after it said its has recommended its shareholders not to deposit any shares in response to the unsolicited offer from Do All Industries Ltd for cash consideration of $0.83 per common share. Yesterday the stock soared 9 percent to C$0.83, matching the offer price. In economic news from the U.S., the Commerce Department said wholesale inventories increased by 0.5 percent in August following a downwardly revised 0.6 percent increase in July. Economists had expected inventories to rise by 0.4 percent compared to the 0.7 percent growth originally reported for the previous month. From the euro zone, Germany's wholesale price inflation increased in September at the fastest pace since November 2011, data from Destatis revealed. Wholesale prices rose at a more than expected pace of 4.2 percent year-on-year in September after climbing 3.1 percent in August. The annual rate was forecast to reach 3.3 percent. Meanwhile, France's industrial production growth accelerated in August, increasing hopes that the second largest euro zone economy could escape a recession in the third quarter. Data released by statistical office Insee showed that industrial production rose by 1.5 percent month-over-month in August, faster than the 0.6 percent gain seen in July. Economists were looking for a 0.3 percent decline. For comments and feedback: contact editorial@rttnews.com

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