Equities in Canada’s biggest centre fell in early trade on Wednesday as energy stocks followed oil prices lower and financial tech company DH Corp plunged after its earnings missed expectations.
The S&P/TSX Composite deducted 49.93 points to start the session at 14,820.70
The Canadian dollar lost 0.12 cents to 74.78 cents U.S.
DH, after reporting third-quarter adjusted net income decreased 18.9% to $52.8 million from $65.2 million in the same period in the prior year. DH shares took a header, $10.78, or 37.6%, to $17.92.
Canadian National Railway reported a 6.5% fall in quarterly revenue on Tuesday as it moved lower volumes of crude oil, coal and fracking sand. The company's net income fell to $972 million, or $1.25 per share, from $1.01 billion, or $1.26 per share, a year earlier.
CN shares slid $2.94, or 3.4%, to $84.73.
Government officials say First Quantum Minerals expects Zambia to approve the creation of a new industrial park it is putting up near its Kalumbila mine in the coming days. First Quantum shares were unchanged at $12.15.
Canaccord Genuity initiates coverage on Mullen Group with a hold rating and a $20.50 price target as the company provides investors with a diversified play on a Western Canadian Sedimentary Basin.
Mullen shares gave back nine cents to $18.90.
RBC raised the target price on West Fraser Timber to $45.00 from $40.00 on the back of a great quarter highlighted by sequential improvements in all business units. West Fraser shares bolted 56 cents, or 1.3%, to $44.74.
ON BAYSTREET
The TSX Venture Exchange fell 4.65 points to begin the day at 781.03
The 12 TSX subgroups were evenly divided between gainers and losers, as health-care squeezed up 0.4%, while financials and telecoms each gained 0.3%.
The half-dozen gainers were weighed most heavily by information technology, down 2.3%, with gold trailing 1.3%, and energy 1.2% less energetic.
ON WALLSTREET
U.S. equities fell on Wednesday, pressured by a mixed bag of quarterly corporate results and falling oil prices.
The Dow Jones Industrials gave back 62.16 points to 18,107.11, with Apple contributing the most to losses
The S&P 500 slipped 9.69 points to 2,133.17, as information technology and real estate led decliners.
Stocks have held in a very tight range recently, with the S&P having gone 24 straight sessions without posting a 1% move on a closing basis. The index has also moved just 1.2% over the past three months.
The NASDAQ composite index dropped 30.75 points to 5,252.65, as Apple shed about 3.5%.
Apple posted a better-than-expected quarterly profit Tuesday after the close, but fell short of expectations on sales. The company's cash hoard also hit a record of $238 billion U.S.
Meanwhile, Boeing and Coca-Cola, two other Dow components, posted results Wednesday that beat estimates on both the top and bottom line. Other firms that reported Wednesday include Six Flags, Mondelez and Biogen.
In economic news, the October services Purchasing Managers Index jumped to 54.8 from 52.3, while new home sales rose 3.1% in September. Mortgage applications fell 4.1% last week, despite lower mortgage rates.
Prices for the 10-year Treasury gained, lowering yields 1.79% from Tuesday’s 1.76%. Treasury prices and yields move in opposite directions.
Oil prices sank 89 cents to $49.07 U.S. a barrel
Gold prices forfeited $3.70 to $1,269.60 U.S. an ounce.
