Stock markets in Canada’s main financial centre took something of a header Wednesday, sending August out like a lion, with energy leading eight sectors lower and utilities and consumer staples the only advancers.
The S&P/TSX Composite tumbled 87.7 points – off its lows of the day -- to conclude the day and month at 14,597.15. Even so, the market was on course to rise 0.4% for the month of August.
The Canadian dollar faded 0.13 cents at 76.26 cents U.S.
Energy issues took the biggest pasting, as Suncor Energy lost 89 cents, or 2.4%, to $35.53, and Baytex Energy swooned 12 cents, or 2%, to $5.90.
Health-care stocks also felt lousy at day’s end, with Valeant Pharmaceuticals stumbled $1.61, or 4.1%, to $37.99, and Concordia International faded 27 cents, or 2.3%, to $11.43.
Gold stocks lost some of their sheen, with Barrick Gold down 48 cents, or 2.1%, to $22.33, and Kinross Gold fading 11 cents, or 2.1%, to $5.22.
On the bright side, consumer staples moved higher as Loblaw gathered 36 cents to $71.35, and Saputo Inc. gained 36 cents to $43.60.
On the economic front, Statistics Canada reported gross domestic product decreased 0.4% in the second quarter, after increasing 0.6% in the first quarter. This was the largest decline in quarterly GDP since the second quarter of 2009.
The agency also says real GDP rose 0.6% in June, essentially offsetting an equivalent decline in May.
ON BAYSTREET
The TSX Venture Exchange fell 4.6 points to 785.75
All but three of the 12 subgroups were negative on the day, with energy issues down 2%, health-care descending 1.8%, and gold sliding 1.2%.
The three gainers were information technology, eking up 0.4%, consumer staples, ahead 0.2%, and consumer discretionary issues, inching up 0.1%.
ON WALLSTREET
Stocks stateside closed lower Wednesday, the last trading day of the month, as investors digested falling oil prices and looked ahead to Friday's U.S. jobs report.
The Dow Jones Industrials gave back 50.72 points to end August at 18,403.58, with Chevron leading decliners and McDonald's and Intel the top advancer.
The S&P 500 dropped 5.17 points to 2,170.95, with energy leading eight sectors lower and utilities and consumer staples the only advancers. Energy extended losses after the U.S. Energy Information Administration said inventories rose by 2.3 million barrels last week.
The NASDAQ Composite retreated 9.77 points to 5,213.22
The Dow and the S&P also erased all their gains for August, while the NASDAQ held about 0.9% higher month to date.
Private companies added 177,000 jobs in August, according to the latest report from ADP and Moody's Analytics. Economists expected a gain of 175,000.
Experts expect the August jobs report, due Friday, to show the U.S. economy added 180,000 jobs.
Friday's number could also change market expectations for a rate hike in September. According to experts, expectations for a hike in September were 27%.
Other data released Wednesday included the Chicago PMI for August, which came in at 51.5. Pending home sales rose 1.3% in July.
Prices for the 10-year Treasury lost ground, raising yields to 1.58% from Tuesday’s 1.57%. Treasury prices and yields move in opposite directions.
Oil prices dumped $1.62 at $44.73 U.S. a barrel
Gold prices subtracted $4.30 at $1,312.20 U.S. an ounce.
