Stocks in Canada’s largest market resumed their downward journey early Tuesday, as fears of a sustained global economic slowdown weighed on risk-sensitive assets.
The S&P/TSX composite index lurched lower 202.92 points, or 1.6%, to open Tuesday at 12,332.48.
The Canadian dollar gained back 0.07 cents to 72.2 cents U.S.
Fortis Inc said it would buy ITC Holdings Corp, the largest U.S. independent power transmission company, for $6.9 billion in cash and stock.
Fortis shares went south $3.23, or 7.8%, to $38.15.
CIBC cut the rating on Calfrac Well Services to sector performer from outperform.
Calfrac shares eased three cents, or 2.5%, to $1.17.
Goldman Sachs cut the rating on First Quantum Minerals to sell from neutral
First Quantum shares tumbled 37 cents, or 10%, to $3.32.
Raymond James raised the rating on Tahoe Resources to strong buy from outperform.
Tahoe shares slid seven cents to $10.84.
ON BAYSTREET
The TSX Venture Exchange inched ahead 0.07 points to 508.32
All 13 TSX subgroups turned negative with the opening bell, as metals and mining jettisoned 5.3%, energy proved 2.5% less energetic, and utilities clicked 2.4%.
ON WALLSTREET
U.S. equities traded slightly higher, erasing earlier losses, as oil prices reversed.
The Dow Jones industrial average reacquired 7.36 to open Tuesday’s session at 16,034.61, as Home Depot gained about 2.5%.
The S&P 500 dropped 2.29 points to 1,851.15, led lower by energy and financials.
The NASDAQ index regained 25.53 points to 4,309.28
Coca-Cola, Viacom and Wendy's reported quarterly earnings before the open, with Disney results due after the bell.
On the data front, investors digested U.S. wholesale inventories data, which showed inventoried declined 0.1%in December, less than expected.
Prices for the 10-year Treasury gained, lowering yields to 1.74% from Monday’s 1.76%. Treasury prices and yields move in opposite directions.
Oil prices shed eight cents a barrel to $29.61 U.S.
Gold prices progressed 40 cents to $1,190.42 U.S. an ounce.
