Equities fell broadly on Tuesday as financials and materials led declines, but energy companies bucked the trend on firmer oil prices.
The S&P/TSX Composite Index let go of 64.43 points to approach noon at 15,100.93
The Canadian dollar rebounded 0.39 cents to 79.14 cents U.S.
First Quantum Minerals Ltd fell 2.5% to $13.35, while Tech Resources declined 1.2% to $24.25.
Zinc and other base metal prices were dragged lower by profit-taking and producer selling after data showed China's property market had slowed.
Canadian Pacific Railway Ltd slipped 1.4% to $205.43.
Encana Corp rose 0.9% to $11.97, while ARC Resources Ltd gained 0.9% to $17.32.
Figures released Tuesday by the firm Paynet showed lending to Canadian small businesses picked up in May on stronger activity in the agriculture and consumer sectors, suggesting companies were becoming more willing to invest two years after a slump in oil prices hit the economy.
ON BAYSTREET
The TSX Venture Exchange gained 0.24 points to 762.56
All but two of the 12 TSX subgroups were in the red at noon, with health-care sliding 1%, while industrials and real-estate shed 0.8% each.
The two gainers were gold, up 0.4%, and energy, better by 0.2%.
ON WALLSTREET
U.S. equities traded mostly lower on Tuesday as investors parsed through more corporate quarterly reports.
The Dow Jones Industrials faded 82.36 points Tuesday to 21,547.36, pressured by shares of Goldman Sachs. The bank's stock contributed the most losses on the Dow after reporting a 40% drop in second-quarter bond trading revenue. That said, the company’s top and bottom-line quarterly results topped Wall Street expectations.
Bank of America also posted quarterly results that beat expectations. Its stock, however, was also pressured by a sharp drop in trading revenue.
The S&P 500 fell 1.52 points to 2,457.62, with financials and telecommunications leading decliners.
The NASDAQ regained 13.73 points to 6,328.17, after Netflix shares soared more than 10% to an all-time high. Netflix said it added 5.2 million total memberships during its second quarter. Facebook also hit a record intraday high.
Wall Street also turned its eyes towards Washington, after two more Republican senators announced Monday that they would oppose the current Republican health care bill.
Following the news, Senate Majority Leader Mitch McConnell called for a vote to repeal Obamacare without an immediate replacement, after the latest attempt to overhaul the U.S. health care system lost momentum.
In economic news, import prices fell 0.2% last month, as expected.
Prices for the benchmark 10-year Treasury note jumped Tuesday, lowering yields to 2.26% from Monday’s 2.31%. Treasury prices and yields move in opposite directions
Oil prices hiked 33 cents to $46.35 U.S. a barrel
Gold prices gained $7.80 to $1,241.50 U.S. an ounce.
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