Stocks in Canada’s largest centre were staggered on their way back from the August long weekend, as energy and financial issues were pounded.
The S&P/TSX Composite plummeted 122.17 points, or 1.6%, to close Tuesday
The Canadian dollar fell 0.35 cents to 75.33 cents U.S.
Markets in Canada were shuttered Monday for Civic Holiday.
Energy stocks sputtered Tuesday as Ensign Energy Services collapsed 37 cents, or 9.3%, to $3.59, while Seven Generations Energy faltered 67 cents, or 8.9%, to $6.79.
In the discretionary sector, Canada Goose Holdings slumped $2.19, or 3.7%, to $56.68, while Gildan Activewear dropped $1.53, or 3%, to $49.53.
Financials also slouched, as Alaris Royalty gave back 53 cents, or 2.6%, to $19.73, while Manulife Financial suffered 58 cents, or 2.5%, to $22.03
Golds did their best to keep the index from sinking totally, as B2Gold climbed 28 cents, or 6.4%, to $4.63, while Kirkland Lake Gold went sailing $3.72, or 6.4%, to $61.90
In the materials sector, Agnico Eagle Mines soared $3.80, or 5.3%, to $75.25, while Pan American Silver brightened 87 cents, or 4.1%, to $22.15.
ON BAYSTREET
The TSX Venture Exchange slipped 1.05 points to 594.69
All but three of the 12 Toronto subgroups were in the red, as energy docked 2.6%, consumer discretionary stocks dipped 1.6%, and financials shed 1.3%
The trio of gainers proved to be gold, shining 4% brighter, materials, better by 1.2%, and health-care, nicking up 0.1%
ON WALLSTREET
Stocks rebounded on Tuesday from their worst day of the year after China’s central bank indicated it plans to keep its currency at a level stronger than some investors had first feared, easing tensions about the nation using the yuan as a weapon in the trade war.
The Dow Jones Industrials skyrocketed 311.78 points, or 1.2%, to 26,029.52
The S&P 500 recovered 37.03 points, or 1.3%, to 2,881.77
The NASDAQ recouped 107.22 points, or 1.4%, to 7,833.27
Tuesday’s gains helped the Dow snap a five-day losing streak, while the S&P 500 and NASDAQ rose for the first time in seven sessions.
U.S. equity markets saw their worst trading day of 2019 on Monday. The Dow dropped 767 points while the S&P 500 slid nearly 3%. The NASDAQ plunged more than 3% on Monday.
Some of the stocks that led Monday’s selloff, such as Apple, Micron Technology and Nike, were among the best-performing stocks on Tuesday. Apple and Micron Technology both gained more than 1.5% while the shoe company advanced nearly 3%.
Overnight, China’s central bank set the yuan’s official reference point at stronger than the key seven-yuan-to-the-dollar point on Tuesday. The move calmed currency markets, initially rocked by fears the U.S.-China trade war was devolving into a currency war.
Shares of companies whose future prospects hang in the balance because of the trade war led the rebound in early trading. Caterpillar, Apple and Micron all traded higher. Ford rose 2.1% after an upgrade by Morgan Stanley.
Prices for the benchmark 10-year U.S. Treasury regained lost ground, dropping yields to 1.72% from Monday’s 1.74%. Treasury prices and yields move in opposite directions
Oil prices slid 72 cents to $54.09 U.S. a barrel.
Gold prices acquired $9.20 to $1,485.70 U.S. an ounce.
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