Toronto equity markets endured a lower opening on Tuesday, as investors shook off the shock of the monthly gross domestic product report for July.
The S&P/TSX composite index began Tuesday lower by 50.81 points to 14,926.11
The Canadian dollar moved lower 0.13 cents at 89.44 cents U.S.
TMX Group Ltd named Lou Eccleston as its new chief executive, the Toronto Stock Exchange operator said on Monday, after a lengthy global search to replace the retiring CEO Tom Kloet. TMX shares fell 29 cents to $54.11.
Acumen cut the price target on Black Diamond Group to $32.50 with a buy rating. Black Diamond shares capsized 47 cents to $23.94.
TD Securities resumes coverage on Concordia Healthcare Corp with buy rating. Concordia shares took on 36 cents to $36.54.
BMO raised the target price on Fortis Inc. to $36 from $34, with a market perform rating. Fortis shares shed 10 cents to $34.46.
On the economic docket, Statistics Canada reported this morning that real gross domestic product was essentially unchanged in July, following six consecutive monthly gains.
The agency says notable growth in manufacturing and the public sector was offset by significant declines in mining and oil and gas extraction as well as in utilities.
The Industrial Product Price Index increased 0.2% in August, mainly because of higher prices for motorized and recreational vehicles.
The Raw Materials Price Index declined 2.2% last month, mostly as a result of lower prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange inched back up 0.26 points to 913.02
All but two of the 14 Toronto subgroups were lower, weighed most by metals and mining, tailing off 1.2%, consumer discretionary stocks, descending 0.8%, and real-estate, down 0.6%.
The two solitary gainers were consumer staples, up but 0.1%, and energy, 0.03% more energetic.
ON WALLSTREET
U.S. stocks drifted lower on Tuesday as weaker-than-expected housing data weighed on investor sentiment. Investors will have more economic data to digest as manufacturing and consumer confidence reports also were set to be released.
The Dow Jones Industrials was down 40.08 points to 17,031.14
The S&P 500 dropped 4.49 points to 1,973.31. The NASDAQ slid 9.14 points to 4,496.71.
Move leapt 37% after News Corp. said it would buy the online real-estate business in an all-cash deal for $21 U.S. a share.
EBay shares leapt 7.7% after the firm announced plans to spin off PayPal in a transaction expected to be completed in the second half of 2015.
Ford shares were under pressure after cutting its full-year earnings outlook on expectations it will lose $1.2 billion U.S. in Europe this year.
Walgreen shares were slightly off after the drug-store chain reported quarterly profit and sales that matched expectations on Tuesday.
Supervalu shares fell 1.8% after itit found more data-capturing malware at stores on Monday.
Catalyst Pharmaceutical Partners is up 16% after the biotech said late Monday a late-stage study showed its Firdapse treatment benefited sufferers of an autoimmune disorder that causes muscle weakness.
Home price data came in weaker than expected. Annual home price growth slowed down in July to the slowest pace since late 2012, according to the S&P/Case-Shiller home-price index.
Chicago PMI data was due at 9:45 and consumer confidence for September was due at 10 a.m. Eastern.
Prices for 10-year U.S. Treasuries were unchanged early Tuesday, keeping yields at Monday’s 2.49%.
Oil prices lost 59 cents to $93.98 U.S. a barrel.
Gold prices slipped $3.80 to $1,215.00 U.S. an ounce.
