Stocks in Toronto reversed course yet again Thursday and journeyed downward, on trepidation over how far-reaching the coronavirus epidemic is.
The TSX Composite Index dumped 225.54 points, or 1.3%, to finish Thursday at 16,553.99
The Canadian dollar stumbled 0.20 cents to 74.51 cents U.S.
Spin Master fell $11.51, or 39.3%, the most on the TSX, to $17.80, after it said the coronavirus will impact its global operations. Elsewhere among consumer discretionary stocks, Restaurant Brands International slumbered $4.85, or 6.3%, to $72.03
Energy stocks failed to fire, as Secure Energy Services slipped 34 cents, or 8.9%, to $3.47, while Vermilion Energy dropped $1.01, or 7.4%, to $12.68.
Health-care stocks also paled, as Aphria skidded 31 cents, or 6.4%, to $4.52, while Canopy Growth stumbled $1.32, or 5.6%, to $22.46.
Gold stocks tried to balance things out, with IAMGOLD advancing 24 cents, or 6.1%, to $4.15, while Agnico-Eagle Mines moving up $3.04, or 4.5%, to $71.32.
Among materials, Franco-Nevada added $4.78, or 3.1%, to $161.45, while Silvercorp Metals, tacking on 14 cents, or 3%, to $4.75.
Consumer staples also finished positively, with Empire Company taking on 88 cents, or 2.9%, to $32.83. Cott Corporation was in the green 49 cents, or 2.6%, to $19.52.
ON BAYSTREET
The TSX Venture Exchange deducted 4.47 points to 521.27.
All but three of the 12 TSX subgroups were negative on the day, with consumer discretionary issues backing off 4%, while energy and health-care stocks each faded 2.8%.
The three gainers were gold, up 2.7%, materials, up 1.3%, and consumer staples, surging 1%.
ON WALLSTREET
Stocks plunged on Thursday, erasing most of the steep gains in the previous session, as markets remained highly volatile in the face of the fast-spreading coronavirus.
The Dow Jones Industrials plummeted 968.58 points, or 3.6%, to finish Thursday at 26,121.28
The broader S&P 500 dived 106.18 points, or 3.4%, to 3,023.94.
The NASDAQ floundered 279.49 points, or 3.1%, to 8,738.59.
Airline stocks also took a huge beating, leading the declines in the Dow Jones Transportation Average, which dipped into bear market territory Thursday. United Airlines cratered 13.4%, while American Airlines tanked 13.2%, suffering its worst day since 2016.
The weekly jobless claims data on Thursday underscored the labour market strength despite the outbreak. Initial claims for state unemployment benefits slipped 3,000 to 216,000 for the week ended Feb. 29. Economists had forecast claims would fall to 215,000 in the latest week.
Fears about the coronavirus disrupting the global economy continued to grip Wall Street as countries around the world extended quarantines and travel restrictions. California declared a state of emergency after a coronavirus-related death and 53 confirmed cases in the state.
Prices for the 10-Year U.S. Treasury moved sharply higher, lowering yields to 0.91% from Wednesday’s 1.04%. Treasury prices and yields move in opposite directions.
Oil prices slid 82 cents to $45.96 U.S. a barrel.
Gold prices regained $29.30 to $1,672.30 U.S. an ounce.
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