Equity markets in Toronto took a pounding on Tuesday due to losses in financial stocks led by Bank of Nova Scotia, which reported quarterly results.
The S&P/TSX Composite Index sank 93.53 points to close at 15,922.61
The Canadian dollar shed 0.09 cents at 76.85 cents U.S.
The Green Organic Dutchman Holdings entered into an exclusive agreement with Stillwater Brands to license RIPPLE SC (Soluble Cannabinoids) ingredient technology, and other proprietary beverage and food technologies and formulations related to cannabinoid-infused consumer packaged goods including micro-dose and full-dose tea sticks within Canada and certain international jurisdictions outside of the U.S.
Shares in Green Organic Dutchman galloped 59 cents, or 14.4%, to $4.69.
Elsewhere in health-care, though, all was not rosy, as Canopy Growth sank 39 cents, or 1.1%, to $36.23, while Aurora Cannabis ditched a penny to $8.13.
Financials fell, dragged by a fall of $3.04, or 3.8%, in shares of Bank of Nova Scotia to $76.90. Shares of Toronto-Dominion Bank slipped $1.26, or 1.6%, to $75.35.
In consumer discretionary stocks, Magna International slid 49 cents to $82.46, and Canadian Tire retreated $2.58, or 1.6%, to $163.21.
Gold stocks were positive, though, as Barrick Gold moved higher 18 cents, or 1.1%, to $17.40, and Goldcorp advanced 54 cents, or 3%, to $18.47.
Shares of Kinder Morgan Canada were down 44 cents, or 2.6% to $16.16, after spending much of the morning in positive territory, and after the federal government said it would buy the Trans Mountain pipeline project for $4.5 billion. Crescent Point Energy jumped 28 cents, or 2.8%, to $10.26 after CEO Scott Saxberg left the company.
In the materials sector, Agnico Eagle Mines roared ahead $1.99, or 3.5%, to $58.64.
ON BAYSTREET
The TSX Venture inched lower 2.09 points to 768.65
Seven of the 12 TSX subgroups were lower, as financials shed 1.9%, consumer discretionary stocks lost 0.9%, and health-care faded 0.8%%.
The five gainers were led by gold, up 1%, energy, improving 0.7%, and materials, gaining 0.4%.
ON WALLSTREET
U.S. stocks sank Tuesday amid political turmoil in Italy that sent the euro tumbling and ongoing difficult trade talks with China.
The Dow Jones Industrials tumbled 391.64 points, or 1.6%, to 24,361.45, amid losses in Goldman Sachs, Boeing, and J.P. Morgan Chase. At its lows, the index lost more than 500 points, or 2%.
The S&P 500 dropped 31.47 points, or 1.2%, to 2,689.86
The NASDAQ was negative 37.26 points to 7,396.59
Tuesday's losses marked the third straight trading session of negative numbers for the Dow and S&P 500, both of which suffered their worst day on a percentage basis since April 24.
Exacerbating banking sector woes was J.P. Morgan Co-president Daniel Pinto, who revealed Tuesday that trading revenue in the second quarter will probably be flat from a year ago.
Morgan Stanley, meanwhile, clinched its worst day since June 2016, down 5.8%. The slide in the company's stock occurred after an executive cited more challenging business conditions in the second quarter for its wealth management division.
The Walt Disney Company fell 2.2% Tuesday after its latest "Star Wars" film disappointed at the box office.
"Solo: A Star Wars Story" opened to an underwhelming $103-million in North America over the long holiday weekend, falling short of estimates closer to $150 million.
The Conference Board's measure of consumer confidence hit 128 in May, matching expectations.
The index measures American sentiment on current economic conditions and expectations for the next six months. Consumer spending accounts for about 70% of U.S. economic activity.
The moves in the U.S. came amid turbulence for European markets and politics alike.
The Stoxx Europe 600 fell 1.4%, weighed down by a 2.6% drop in Italy's FTSE MIB and a 2.5% decline in Spain's IBEX 35. The Euro Stoxx Banks index fell 4.4%, on pace for its worst day since August 2, 2016.
The euro fell below $1.16 — its lowest level this year against the greenback — as Italian debt rates continued to rise. The Dollar Index, which pits the greenback against a basket of currencies, was up 0.68 percent Tuesday at 94.83.
Prices for the benchmark for the 10-year U.S. Treasury gained sharply, lowering yields to 2.79% from Friday’s 2.93%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.05 at $66.83 U.S. a barrel.
Gold prices lost $3.80 at $1,299.90 U.S. an ounce.
