Equity markets in Canada’s largest centre slipped in early trade on Wednesday, as its heavyweight energy and financial sectors lost ground with lower oil prices and rising doubts about global economic growth.
The S&P/TSX Composite tumbled 116.64 points to begin Wednesday trading at 14,102.93
The Canadian dollar subsided 0.2 cents to 76.83 cents U.S.
Canadian Natural Resources said that it has started its 35-day turnaround at the Horizon Oil Sands facility, a turnaround which reportedly includes full shutdown of production.
Natural Resources shares lost 40 cents, or nearly 1%, to $39.81.
Canaccord Genuity cut the target price on Centerra Gold to $7.50 from $10.00 based on the announcement of a definitive agreement to acquire Thompson Creek Metals.
Centerra shares skidded 58 cents, or 7.2%, to $7.52, while Thompson Creek shares shot up 10 cents, or 15.6%, to 74 cents.
Cogeco Communications reports earnings today, expecting Q3 figures of $1.47 per share. Shares in the company dropped 24 cents to $68.40.
COGECO Inc. expects Q3 earnings of $1.66 per share. COGECO shares were unchanged at $56.01.
Theratechnologies expects Q2 earnings of two cents per share. Theratechnologies shares plummeted 46 cents, or 16.2%, to $2.38.
On the economic agenda, Statistics Canada reported that Canada's exports fell 0.7% to $41.1 billion in May, while imports eased 0.8% to $44.4 billion. As a result, Canada's merchandise trade deficit with the world in May was virtually unchanged from April at $3.3 billion.
ON BAYSTREET
The TSX Venture Exchange forged ahead 6.22 points to 756.31
All but three of the 13 subgroups were lower in the first hour, with financials slumping 1.4%, consumer discretionary stocks and the metals and mining group each retreating 1.1%.
Gold led the three gaining groups, advancing 2.1%, while materials gained 0.6%, and real-estate took on 0.1%.
ON WALLSTREET
U.S. stocks traded lower Wednesday, with declines in financial stocks weighing.
The Dow Jones Industrials let go of 98.86 points to 17,741.76, with DuPont leading decliners and UnitedHealth the top advancer.
The S&P 500 weakened 11.4 points to begin Wednesday at 2,077.15.
The NASDAQ Composite Index slid 13.94 points to 4,808.97, with most sectors declining and only utilities trying for gains.
Economically speaking, the U.S. trade deficit widened more than expected in May to $41.1 billion from $37.4 billion the prior month.
Elsewhere, the Institute for Supply Management’s non-manufacturing Purchasing Managers' Index came in at 56.5 for June versus 52.9 in May.
Earlier, Markit's U.S. services PMI showed marginal expansion at 51.4 in June, up fractionally from 51.3 in May.
The Federal Reserve meeting minutes are due later in the day. The non-farm payrolls report due Friday is the key data for the week.
Prices for the 10-year Treasury were static, keeping yields at Tuesday’s 1.38%.
Oil prices fell eight cents a barrel to $46.52 U.S.
Gold prices hiked $9.10 to $1,367.80 U.S. an ounce.
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