Stocks in Canada’s biggest centre fell on Tuesday as lower oil prices weighed on energy stocks, while all other sectors also lost strength
The S&P/TSX Composite Index got pummeled 172.47 points, or 1.2%, to open Tuesday at 13,693.16
The Canadian dollar lost 0.69 cents to 79.12 cents U.S.
Encana Corp posted a bigger-than-expected quarterly loss due to lower production amid a steep fall in oil prices.
Encana shares freefell 81 cents, or 8.7%, to $8.49.
WestJet Airlines reported a nearly 38% fall in quarterly profit at a time of economic weakness in oil-producing Alberta, where the airline mostly operates.
WestJet shares dipped 59 cents, to 2.8%, to $20.90.
Freehold Royalties said on Monday it is buying royalty interests from Husky Energy that represent around 1,700 barrels of oil equivalent per day of western Canadian production for $165 million.
Freehold shares fell $1.61 to $654.00.
National Bank raises target on Canadian Tire to $141.00 from $140.00, with a sector perform rating
Canadian Tire slid 24.5 cents to $138.83.
Canaccord Genuity initiates coverage on CGI Group with a buy rating, and a price target of $68.00.
CGI shares docked 16 cents to $57.18.
Canaccord Genuity raised the target price on Manitoba Telecom Services to $37.00 from $30.00, with a hold rating.
MBT shares stuttered 37 cents, or 1%, to $37.48.
ON BAYSTREET
The TSX Venture Exchange fell backward three points to 668.23
All 13 TSX subgroups moved into negative territory, with metals and mining down 4.9%, energy off 3.1%, and financials, sliding 1.8%
ON WALLSTREET
Equities south of the border traded lower Tuesday as the yen and euro strengthened against the dollar. Weaker-than-expected Chinese manufacturing data also weighed.
The Dow Jones Industrials erased Monday’s gains and then some, losing 179.32 points, or 1%, to 17,711.84, with Goldman Sachs contributing the most to declines. Among the few advancers were Pfizer and Apple, which attempted to break its first eight-day losing streak since 1998.
The S&P 500 shed 21.89 points, or 1.1%, to 2,059.54, with energy leading eight sectors lower and consumer staples and utilities the only advancers.
The NASDAQ Composite Index slumped 52.9 points, or 1.1%, to 4,764.63, as declines in Microsoft and Amazon.com weighed.
Shares of Apple will be in focus after the stock posted its first eight-day losing streak since 1998 on Monday. The only two times Apple posted a nine-day losing streak was in June 1991 and September 1990. But in the month following the eight-day losing streaks in the 1990s, Apple posted a median gain of about 8%.
In earnings news, Pfizer topped expectations on both the top and bottom line. The drug giant also raised its full-year earnings forecast.
Aside from monthly auto sales, no major data is expected Tuesday. The key economic news for the week is the employment report due Friday.
Prices for the 10-year Treasury strengthened, lowering yields to 1.79% from Monday’s 1.87%. Treasury prices and yields move in opposite directions
Oil prices doffed 72 cents a barrel to $44.06 U.S.
Gold prices slid 44 cents to $1,291.11 U.S. an ounce.
