Canada's main stock index fell on Wednesday due to losses in energy shares, even as markets braced for the U.S. Federal Reserve's monetary policy decision due later in the day.
The TSX Composite Index tumbled 102.93 points to move into Wednesday afternoon at 23,574.77.
The Canadian dollar was unchanged to 73.57 cents U.S.
In corporate news, Barrick Gold suspended operations at its Porgera gold mine in Papua New Guinea until Thursday after tribal violence in the region killed at least 20. Barrick shares dipped 35 cents, or 1.3%, to $27.50.
Shares of Rogers Communications fell $1.19, or 2.1%, to $54.30 after the Canadian telecommunication firm said it would buy Bell's stake in Maple Leaf Sports & Entertainment for $4.7 billion.
In the economic docket, Statistics Canada reported foreign investors increased their exposure to Canadian securities by $11.0 billion in July. Meanwhile, Canadian acquisitions of foreign securities slowed to $4.5 billion, down from a $16.4 billion investment in June.
ON BAYSTREET
The TSX Venture Exchange slipped 4.3 points to 578.05.
All but three of the 12 TSX subgroups were lower, with industrials failing 0.8%, energy dropping 0.7%, and materials were off 0.6%.
The three gainers proved to be health-care, better by 2.1%, consumer discretionary, inching up 0.2%, and communications, eking ahead 0.01%.
ON WALLSTREET
Stocks were little changed Wednesday as Wall Street anticipated the first Federal Reserve interest rate cut in four years. Gains were muted as uncertainty lingered over how big the easing will be from the central bank.
The Dow Jones Industrials index dropped 36.88 points to 41,569.30.
The much broader index reversed 7.69 points to 5,626.96.
The NASDAQ retreated 38.84 points to 17,589.22.
The Fed is expected to deliver its latest policy decision at 2 p.m. ET. The central bank is expected to lower rates by at least a quarter percentage point, but traders are divided over how big the reduction will be. Experts speculate traders pricing in a 61% chance of a half-point cut and 35% odds of a quarter-point move.
Prices for the 10-year Treasury sagged, lifting yields to 3.69% from Tuesday’s 3.65%. Treasury prices and yields move in opposite directions.
Oil prices faded 33 cents to $70.86 U.S. a barrel.
Gold prices recovered $7.20 to $2,599.60.
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