Equities in Canada’s largest centre finished lower Thursday, on weakness from the gold and energy sectors, while consumer discretionaries also weighed, a day after U.S. President-Elect Donald Trump gave a news conference that left investors cold.
The S&P/TSX Composite hurtled lower 73.38 points – off its lows of the day-- to end Thursday at 15,418.16
The Canadian dollar vaulted 0.16 cents at 76.12 cents U.S.
In the gold patch, Iamgold faded nine cents, or 1.5%, to $5.86, while Agnico Eagle Mines dipped 22 cents to $59.92.
Energy stocks subsided as MEG Energy retreated 46 cents, or 5.4%, to $7.96, while Baytex Energy slid 20 cents, or 3.3%, to $5.90.
Minimizing the damage were advances in utility stocks, as Fortis Inc. took on 43 cents, or 1.1%, to $41.30, while Hydro One gained eight cents to $23.81.
Among telecoms, BCE gained 11 cents to $58.11, while Rogers Communications advanced 69 cents, or 1.4%, to $51.48.
On the economic ledger, Statistics Canada reported its new housing price rose 0.2% in November compared with the previous month. The advance was largely driven by price increases for new housing in Ontario.
ON BAYSTREET
The TSX Venture Exchange lurched lower 0.79 points to 789.64
All but three of the 12 TSX subgroups continued to wallow in negative midday, as consumer discretionary stocks dived 1.1%, while gold slid 0.9%, and energy fell 0.8%
The three gainers were utilities, improving 0.6%, telecoms, up 0.4%, and information technology, inching up 0.04%.
ON WALLSTREET
Stocks fell on Thursday after President-elect Donald Trump disappointed investors during his first news conference since July, while Wall Street geared up for the start of earnings season.
The Dow Jones Industrials made headway against the breakeven point, but fell short by 63.28 points to 19,891, with Microsoft leading decliners and Merck the biggest riser. At session lows, the blue-chips index had fallen more than 180 points.
The S&P 500 skidded 4.88 points to 2,270.44, with financials leading 10 sectors lower and telecommunications the only advancer.
The NASDAQ composite index retreated 16.16 points from Wednesday’s all-time high, at 5,547.49
Wall Street also braced for the start of earnings season on Friday. Major banks JPMorgan Chase, Wells Fargo and Bank of America are all scheduled to report quarterly results Friday before the bell.
Trump took shots at the pharmaceutical industry, which sent health-care and biotechnology stocks reeling. He also failed to provide new details on three of his key policies: tax reform, deregulation of certain sectors and fiscal stimulus.
Investors on Thursday also focused on speeches from several Federal Reserve officials.
In economic news, weekly jobless claims rose less than expected, while U.S. import prices rose in last month, boosted by higher oil prices.
Prices for the benchmark 10-year Treasury note ended the day up slightly, lowering yields to 2.36% from Wednesday’s 2.37%. Treasury prices and yields move in opposite directions.
Oil prices gained 82 cents to $53.07 U.S. a barrel
Gold prices dropped 90 cents to $1,195.70 U.S. an ounce.
