Equity markets in Canada’s biggest centre drooped Wednesday, after several hours in the green, as weakness in health-care issues overrode gains by resource stocks.
The S&P/TSX Composite Index sank 26.08 points to close Wednesday at 15,642.99
The Canadian dollar faded 0.16 cents at 74.48 cents U.S.
China's Shandong Gold Mining Co reported it is in advanced talks to buy a 50% stake in Barrick Gold's Veladero gold mine in Argentina, in a deal that could fetch more than $1 billion. Barrick's shares fell nine cents to $26.01.
Elsewhere, IAMGOLD crept up 10 cents, or 1.8%, to $5.73.
In the materials sector, Osisko Mining zoomed 32 cents, or 6.3%, to $5.39, and Raging River Exploration gained 37 cents, or 3.9%, to $9.86.
In the consumer discretionary world, Hudson's Bay Co reported a quarterly loss on Tuesday, due in part to an impairment charge related to weak sales at Saks OFF 5TH and Gilt.
Still, Bay shares rose 75 cents, or 7.7%, to $10.45.
Health-care issues proved another story, though, as Canopy Growth Corporation shed two cents to $10.03, while Valeant Pharmaceuticals plummeted 86 cents, or 6.3%, to $12.79.
In the tech field, BlackBerry fell 20 cents, or 1.9%, to $10.63, while Constellation Software dropped $1.27 to $651.73.
Financial services edged down, with Manulife Financial off 27 cents, or 1.2%, to $23.31, while Sun Life Financial lost 55 cents, or 1.1%, to $47.64.
ON BAYSTREET
The TSX Venture Exchange lessened 1.38 points to 820.30
Seven of the 12 TSX subgroups stayed green on the day, with gold up 0.4%, materials up 0.2%, and consumer discretionary issues inching up 0.1%.
The five laggards were weighed most heavily by health-care, fading 1.9%, information technology shares, down 0.6%, and financials, poorer by 0.3%.
ON WALLSTREET
U.S. stocks erased earlier gains to close lower Wednesday after the Federal Reserve released the minutes from its March meeting.
The Dow Jones Industrials erased earlier gains and fell into negative territory 41.09 points to 20,648.15, with Goldman Sachs contributing the most losses.
The S&P 500 slipped 7.21 points to 2,352.95, with financials lagging
The Dow and S&P also posted their biggest one-day reversal since February 2016.
The NASDAQ Composite lost 34.13 points to 5,864.48, after flirting with intraday highs earlier Wednesday.
In company news, JAB announced Wednesday it will buy Panera Bread for $315 U.S. per share, or around $7.5 billion. The announcement sent Panera's stock flying more than 14% higher.
The minutes showed Fed officials want to start unwinding the central bank's massive $4.5-trillion U.S. balance sheet later this year.
Unwinding the balance sheet is significant both because of its sheer size and the impact it could have on markets, as Fed members including Chair Janet Yellen have indicated that the move itself would amount to a rate hike.
Private payrolls – as measured the ADP organization -- rose by 263,000 last month, well above a consensus estimate of 185,000. The February number was revised significantly lower, however, from the originally reported 298,000.
The numbers often predict the monthly employment situation report from the U.S. Labor Department, set for release Friday morning.
Other data released Wednesday included the Institute for Supply Management non-manufacturing index which came in at 55.2, below an expected read if 57.
Prices for the benchmark 10-year Treasury note gained, lowering yields to 2.33% from Tuesday’s 2.36%. Treasury prices and yields move in opposite directions.
Oil prices fell 17 cents at $50.86 U.S. a barrel
Gold prices erased 60 cents at $1,257.80 U.S. an ounce.
