Indices in Toronto were lower shortly after the open, as material stocks, home to mining and other resource names, slumped to lead the market lower.
The S&P/TSX composite index dropped 68 points to open Tuesday’s trading at 14,525.57
The Canadian dollar jettisoned 0.65 cents to 78.39 cents U.S.
Denison Mines Corp on Monday agreed to buy competitor Fission Uranium Corp for around $483 million, creating a diversified Canadian uranium company with projects centered on the Northern Saskatchewan region.
The combined company, to be named Denison Energy Corp, will have a market value of around $900 million and be equally owned by Denison's and Fission's shareholders, the two companies said in a statement.
Denison shares dropped four cents to 84 cents, while Fission shares added seven cents, or 7.2%, to $1.04.
CIBC cut the target price on Orezone Gold to 70 cents from 80 cents as there have also been indications that the Burkina Faso government may adopt changes to the current mining code in the near future and the company suggests this may be subsequently offset by a rollback in VAT, but that potential benefit has yet to materialize.
Orezone shares were unchanged at 35 cents.
Le Groupe Jean Coutu PJC Inc is out with earnings today. The drug store chain is expecting Q1 earnings of 30 cents per share. Coutu shares toppled $1.44, or 6.5%, to $20.86.
On the economic beat, Statistics Canada reported this morning that our country’s exports declined 0.6% in May while imports edged up 0.2%. As a result, Canada's merchandise trade deficit with the world widened from $3.0 billion in April to $3.3 billion in May.
ON BAYSTREET
The TSX Venture Exchange moved downward 1.51 points to begin Tuesday’s trading at 661.82.
All but one of the 14 TSX subgroups were lower in Tuesday’s first hour, with metals and mining hit 3.3%, global base metals plummeting 2.5%, and materials ducking lower 2.1%.
Only telecoms held out against the negative tide, tacking on 0.3%.
ON WALLSTREET
U.S. stocks turned lower after attempting to bounce on Tuesday from the prior day's mild losses as investors awaited developments in the Greece debt crisis.
The Dow Jones Industrials fell 68.64 points to 17,614.94, with JPMorgan Chase the greatest decliner and Procter & Gamble leading advancers.
The S&P 500 index hesitated 5.23 points to 2,063.53, with materials leading five sectors lower and utilities leading advancers.
The NASDAQ slid 22.85 points to 4,969.09.
Companies reporting earnings this session include The Container Store.
Carnival announced Tuesday that it gained approval from the U.S. government for limited cruises to Cuba as early as next year.
In U.S. economic data, May international trade numbers showed that the U.S. trade deficit widened, fueled by a drop in exports.
JOLTs job openings data came in slightly higher for May than the previous month. Consumer credit figures are due at 3 p.m. The U.S. Treasury is scheduled to hold a three-year note auction later in the day.
The Federal Reserve releases its meeting minutes Wednesday afternoon.
Euro-zone leaders are holding an emergency summit in Brussels to discuss Greece.
However, the government's latest proposals differ only slightly from previous versions, German media reported.
Prices for 10-year U.S. Treasuries rose sharply, lowering yields to 2.20% from Monday’s 2.29%. Treasury prices and yields move in opposite directions.
Oil prices dropped 32 cents a barrel to $52.21 U.S.
Gold prices slouched $15.40 at $1,157.80 U.S. an ounce.
