Equities in Canada’s biggest centre fell to a three-week low in early trade on Thursday, as investors broadly retreated from global stocks amid fears of financial instability while gold miners gained as bullion hit a one-year high.
The S&P/TSX composite index tumbled 154.66 points, or 1.3%, to kick off the session at 12,031.06
The Canadian dollar stumbled 0.21 cents to 71.60 cents U.S.
Telus Corp reported a 16% fall in quarterly profit, hurt by increased competition and weaker demand for its wireless services.
Telus shares stepped back $1.06, or 2.7%, to $38.78.
Cenovus Energy Inc posted a bigger-than-expected quarterly loss and announced a fresh round of cuts to its quarterly dividend, 2016 capital budget and workforce, as it tries to shore up finances amid an incessant fall in oil prices.
Cenovus shares removed a penny to $13.51.
Thomson Reuters Corp reported a higher-than-expected quarterly profit and said it expects its revenue to grow by low single digits in 2016.
Thomson shares were off 58 cents, or 1.2%, to $49.07.
Raymond James raised the target on ARC Resources to $22.00 from $21.00, with an outperform rating.
ARC shares gained 47 cents, or 2.8%, to $17.07.
CIBC raised the rating on Sun Life Financial to outperform from sector perform.
Sun shares eased 39 cents, or 1%, to $37.54.
Raymond James raised the rating on Intact Financial to outperform from market perform.
Intact shares gave back two cents to $83.59.
In the economic docket, Statistics Canada reported that its new housing price index edged up 0.1% in December, following a 0.2% increase in November.
The agency went on to say the advance was led by higher new home prices in Ontario and British Columbia. December marked the second consecutive month of slowing price gains.
ON BAYSTREET
The TSX Venture Exchange poked up 2.44 points to 507.75
All but two of the 13 TSX subgroups were lower, as metals and mining dropped 3%, energy was down 2.7%, and health-care slumped 2.5%.
The two gainers were gold, shining brighter 5.5%, and materials, up 2.6%.
ON WALLSTREET
American equities fell sharply Thursday as investors digested a massive global selloff.
The Dow Jones industrial average tumbled 162.82 points, or 1%, to 15,751.92, as Goldman Sachs weighed the most on the blue-chip index.
The S&P 500 subtracted 26.51 points, or 1.4%, to 1,825.35, as financial fell nearly 2.5%.
The NASDAQ index hung onto gains of 14.83 points to 4,283.59, as biotechnology stocks and several technology stocks fell. The index was also about 1% t away of entering bear market territory on an intraday basis.
Companies such as CBS, KKR, FireEye, AIG, and Activision Blizzard all report earnings today.
On the data front, U.S. weekly jobless claims came in at 269,000, below estimates.
Investors will also keep an eye on Federal Reserve Chair Janet Yellen, who is scheduled to testify for a second day in front of Congress.
Prices for the 10-year Treasury gained sharply, lowering yields to 1.63% from Wednesday’s 1.69%. Treasury prices and yields move in opposite directions.
Oil prices moved lower 54 cents a barrel to $26.91 U.S.
Gold prices leaped $36.33 to $1,233.45 U.S. an ounce.
