Equities in Canada’s largest centre fell on Wednesday as a weakness in oil prices weighed on the heavily weighted energy sector, offsetting modest strength in gold-mining shares.
The S&P/TSX Composite Index dropped 51.34 points to begin Wednesday trading at 15,261.79
The Canadian dollar deleted 0.19 cents to 74.66 cents U.S.
Investors see the Trump administration's struggles to push through the health-care overhaul as a sign he may also face setbacks delivering promised corporate tax cuts.
Amaya Inc, the owner of online gambling sites PokerStars and Full Tilt, reported a fourth-quarter profit, compared with a year-ago loss, as it added more customers and cut costs.
Amaya shares added 38 cents, or 1.9%, to $20.81.
Trican Well Service reportedly said it would buy smaller rival Canyon Services Group Inc in a deal valued at about $637 million, including debt.
Trican shares dropped 21 cents, or 5.4%, to $3.69
Barclays reinstated coverage of BCE Inc. with an overweight rating. BCE shares shot higher 17 cents to $58.17.
Berenberg raised the rating on First Quantum Minerals to hold from sell. First Quantum shares dipped 12 cents to $13.47.
NBF resumed coverage on Dream Global REIT with an outperform rating. Dream Global units eked higher two cents to $9.58.
Berenberg raised the rating on Teck Resources to buy from hold. Teck shares ballooned 84 cents, or 3.1%, to $28.14.
ON BAYSTREET
The TSX Venture Exchange moved downward 2.8 points to 801.56
Eight of the 12 TSX subgroups were negative to start things off, with health-care stumbling 1.2%, financials poorer by 0.8%, and energy sliding 0.5%.
The four gainers were led by gold and materials, each progressing 0.3%, and industrials, up 0.1%.
ON WALLSTREET
U.S. equities slipped on Wednesday as Wall Street continued to monitor developments regarding the House's health care proposal and falling oil prices.
The Dow Jones Industrials removed 82 points to 20,545, with Nike contributing the most losses. Nike's stock declined 6% on the back of mixed quarterly results.
The S&P 500 dropped 6.75 points to 2,335.50, with financials and telecommunications leading decliners. Financials, the best-performing sector since the U.S. election, suffered their worst day since Brexit in the previous session.
The NASDAQ sank 3.82 points to 5,790.01
Stocks suffered their worst day of the year Tuesday — in part — because of fears that a prolonged battle in Congress to repeal and replace Obamacare could delay tax reform, deregulation and government spending.
The House is expected to vote on the Republican health care bill on Thursday, but Obamacare's replacement has seen pressure not just from Democrats, but from some conservative GOP members as well.
In economic news, existing home sales data for February showed a decline of 3.7%.
Prices for the benchmark 10-year Treasury note gained, lowering yields to 2.38% from Tuesday’s 2.42%. Treasury prices and yields move in opposite directions.
Oil prices sank 59 cents to $47.65 U.S. a barrel
Gold prices gained three dollars to $1,249.50 U.S. an ounce.
