Markets in Canada’s largest centre tumbled by noon ET Tuesday as some heavyweight banking stocks and miners notched gains and Ivanhoe Mines jumped after announcing a copper deposit discovery.
The S&P/TSX Composite Index dropped 97.34 points to greet noon at 15,344.98
The Canadian dollar remained buoyant 0.06 cents to 75.03 cents U.S.
The most influential movers on the index included Barrick Gold, which advanced 1.2% to $25.76.
The world's largest gold producer said a World Bank arbitration tribunal had ruled in favor of it and joint venture partner Antofagasta plc over a copper project in Pakistan.
Ivanhoe Mines jumped 8.6% to $4.67 after it said it had discovered more copper at its mine in the Democratic Republic of Congo.
But several base metal miners featured on the negative side of the ledger as copper prices fell, with First Quantum Minerals, down 1.6% at $14.19 and Lundin Mining falling 3.1% to $7.81.
Financials gained, recovering some of its losses from the prior two sessions as bond yields perked up. Royal Bank of Canada advanced 0.7% to $97.00, while insurer Manulife Financial fell 0.8% to $23.82.
Sources say the Organization of the Petroleum Exporting Countries have indicated the group's members increasingly favour an extension but want the backing of non-OPEC oil producers, which have yet to deliver fully on existing cuts.
On the economic calendar, Statistics Canada reported that retail sales rose 2.2% to $46.0 billion in January, led by four sub-sectors that rebounded from lower sales in December.
The agency adds, excluding sales at motor vehicle and parts dealers, retail sales advanced 1.7%.
ON BAYSTREET
The TSX Venture Exchange stumbled 2.56 points to 809.07
Seven of the 12 TSX subgroups had tailed off by midday, with consumer discretionary stocks down 1.1%, while energy and health-care each failing 0.9%.
The five gainers were led by gold, up 0.8%, telecoms, ahead 0.6%, and utilities, better by 0.5%.
ON WALLSTREET
U.S. equities fell on Tuesday as financials faced pressure from falling yields, while investors turned their eyes to a key vote in the House of Representatives.
The Dow Jones Industrials slipped 157.34 points to 20,748.52, with Goldman Sachs contributing the most losses.
The S&P 500 slumped 18.74 points to 2,354.73, with financials falling 2% to lead decliners.
The NASDAQ faltered 66.03 points, or 1.1%, to 5,835.50. The index had reached a fresh all-time high before its plunge. Shares of Apple hit an all-time high after the firm announced a new version of its 9.7-inch iPad and special editions for the iPhone 7 and iPhone 7 Plus.
House Republicans are expected to vote on repealing and replacing the Affordable Care Acton Thursday.
On the data front, fourth-quarter current account figures showed the deficit fell, hitting its lowest level in more than a year, as an increase in the primary income surplus offset a soybean-driven drop in exports.
Meanwhile, the Philadelphia Federal Reserve non-manufacturing index slipped in March, but still showed overall business growth.
Prices for the benchmark 10-year Treasury note gained, lowering yields to 2.43% from Monday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices sank 72 cents to $47.50 U.S. a barrel
Gold prices gained $9.80 to $1,243.80 U.S. an ounce.
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