Canada's main stock index retreated on Tuesday as lower commodity prices weighed on mining and energy shares, while industrials and financials also lost ground
The S&P/TSX Composite Index closed negative 20.97 points at 15,608.78
The Canadian dollar slipped 0.08 cents at 74.54 cents U.S.
Health-care issues took the worst pounding, as VBI Vaccines slid 76 cents, or 9.3%, to $7.40, while Valeant Pharmaceuticals docked 96 cents, or 5.8%, to $15.70.
Among materials, First Quantum Minerals dropped 56 cents, or 3.8%, to $14.26
Energy stocks were also negative, with EnCana shedding 28 cents, or 1.8%, to $15.08, while Baytex Energy lost a penny to $5.02.
Utilities proved a bright spot amid all the gloom, with Fortis acquiring 16 cents to $42.61, while Hydro One squeezed ahead three cents to $23.40.
In the tech field, BlackBerry nosed up four cents to $9.10.
On the economic slate, Statistics Canada said our international merchandise trade balance with the rest of the world posted a third consecutive monthly surplus, widening from $447 million in December to $807 million in January. Exports were up 0.5% while imports edged down 0.3%.
Western University’s IVEY Purchasing Managers’ Index registered at 55 in February, down from 57.2 in January, and 53.4 in February of last year. The survey canvasses purchasing managers at companies on whether their expenditures moved higher, lower, or remained static during the month.
ON BAYSTREET
The TSX Venture Exchange fell 7.78 points, or nearly 1%, to 802.47
All but two of the 12 TSX subgroups closed lower, as health-care surrendered 2.7%, materials slipped 0.6, and energy lost 0.5%.
The two gainers were utilities, clicking up 0.7%, and information technology, nicking up 0.1%.
ON WALLSTREET
U.S. equities closed lower on Tuesday as investors mulled over the prospects of tighter monetary policy and the House Republicans' legislation to repeal and replace Obamacare.
The Dow Jones Industrials fell 29.58 points to finish at 20,924.76, with Chevron contributing the most losses.
The S&P 500 stayed lower 6.92 points to 2,368.39, with energy leading decliners. The two indexes also recorded their first two-day losing streak since January.
The NASDAQ dropped 15.25 points to 5,833.93.
The GOP proposal titled The American Health Care Act includes killing the requirement that most Americans have health insurance or pay a fine, among other changes.
On the earnings front, Brown-Forman and Dick's Sporting Goods were among the companies that reported before the opening bell. The sporting goods retailer earned an adjusted $1.32 U.S. per share for its latest quarter, two cents a share above estimates, while Brown-
Forman reported earnings on that missed expectations but beat on revenue.
H&R Block, Aerovironment and Urban Outfitters are all due to report after the market close.
The Federal Reserve meets next week (March 14-15), and experts say the chances for a rate hike this month are at 85%, up from roughly 30% at the start of last week
In economic news, the Commerce Department said on Tuesday the U.S. trade deficit jumped in January to the highest level in nearly five years to $48.5 billion.
Investors also looked ahead to the February jobs report, which is scheduled to release on Friday. Economists expect the U.S. economy to have added 186,000 jobs last month.
Prices for the benchmark 10-year Treasury note fell, raising yields to 2.52% from Monday’s 2.49%. Treasury prices and yields move in opposite directions.
Oil prices dropped 11 cents to $53.09 U.S. a barrel
Gold prices skidded $9.60 to $1,215.90 U.S. an ounce.
