Equities in Canada’s biggest market fell to a two-week low on Tuesday as financials and energy stocks led broad-based losses for the resource-linked market, while oil and global stocks also fell.
The S&P/TSX Composite Index continued its descent, stumbling 211.23 points, or 1.5%, to move into noon hour at 13,654.40
The Canadian dollar lost 0.94 cents to 78.87 cents U.S.
The largest movers on the index were Bank of Nova Scotia, which fell 3.3% to $63.03, and Royal Bank of Canada, which declined 2.1% to $76.10.
Energy stocks also got bruised, primarily Encana Corp., which fell 9.7% to $8.40. The oil and gas producer posted a bigger-than-expected quarterly loss due to lower production amid a steep fall in oil prices.
Suncor Energy fell 2.7% to $34.62, while Canadian Natural Resources was down 3.9% at $35.24.
The materials group, which includes precious and base metals miners and fertilizer companies, lost ground, including a 3.1% drop in the shares of Barrick Gold to $23.22.
WestJet Airlines reported a higher-than-expected quarterly profit, helped by lower fuel costs. Still, its shares fell 2.6% to $20.94.
ON BAYSTREET
The TSX Venture Exchange fell backward 11.82 points, or 1.8%, to 659.41
All but one of the 13 TSX subgroups moved into negative territory, with metals and mining down 5.3%, energy off 2.6%, and materials, sliding 2%
Only a 0.4% gain by health-care stocks kept things from being unanimous.
ON WALLSTREET
Stocks in the U.S. traded more than 1% lower Tuesday as investors piled into safe haven assets such as the yen amid renewed global growth concerns from weaker-than-expected Chinese manufacturing data.
The Dow Jones Industrials tumbled 187.58 points, or 1.1%, to 17,703.58, with Goldman Sachs contributing the most to declines. Among the few advancers were Pfizer and Apple, which attempted to break its first eight-day losing streak since 1998.
The S&P 500 shed 21.48 points, or 1%, to 2,059.95. Energy traded about 2.5% lower as the greatest laggard in the S&P 500.
The NASDAQ Composite Index slumped 59.48 points, or 1.2%, to 4,758.11,
In earnings news, Pfizer topped expectations on both the top and bottom line. The drug giant also raised its full-year earnings forecast.
AIG reported lower-than-expected profit for the third-straight quarter.
Aside from monthly auto sales, no major data is expected Tuesday. The key economic news for the week is the employment report due Friday.
Prices for the 10-year Treasury strengthened, lowering yields to 1.79% from Monday’s 1.87%. Treasury prices and yields move in opposite directions
Oil prices moved lower $1.12 a barrel to $43.66 U.S.
Gold prices staggered $5.23 to $1,286.32 U.S. an ounce.
