Equities in Toronto fought their way to within a few points of breakeven by the close Tuesday, as health-care and most telecoms weighed, while Shaw Communications jumped after announcing deals to sell its data centre business and buy wireless airwaves.
The S&P/TSX Composite Index was negative but 4.05 points to end Tuesday’s session at 15,379.75
The Canadian dollar climbed 0.48 cents to 75.55 cents U.S.
In the health-care field, Canopy Growth skidded 30 cents, or 3.7%, to $7.74, while Valeant Pharmaceuticals sank 41 cents, or 2.4%, to $16.50.
In telecoms, BCE plummeted $1.13, or 1.9%, to $59.47.
However, Shaw was among the most influential gainers on the index, up 84 cents, or 2.9% to $29.48 after the news.
Among consumer staples concerns, Metro finished lower by six cents to $44.32, while Maple Leaf Foods shed 39 cents, or 1.2%, to $33.64.
Information technology stocks led gainers, as BlackBerry climbed 23 cents, or 1.6%, to $14.34, while Constellation Software gained $4.85 to $690.35.
Meantime, on matters economic, Bank of Canada Deputy Governor Carolyn Wilkins says interest rate cuts instituted in 2015 have largely done their job as the Canadian economy gathers momentum. Wilkins is the second top official in as many days to set the stage for eventual rate hikes.
ON BAYSTREET
The TSX Venture Exchange retreated 0.26 points to 785.54
Eight of the 12 TSX subgroups were lower to conclude the day, as health-care bowed 0.9%, with telecoms and consumer staples each retreating 0.5%.
The four gainers were led by information technology, ahead 0.4%, while consumer discretionary stocks gained 0.3%, and energy nicked ahead 0.2%.
ON WALLSTREET
U.S. equities closed higher on Tuesday as large-cap technology stocks came back from their biggest two-day decline since December.
The Dow Jones Industrials vaulted 92.8 points at 21,328.47, to hit a record high, with 3M and Goldman Sachs the most gains. Apple also contributed gains to the 30-stock index.
The S&P 500 added 10.96 points on its way to a record close of 2,440.35, with information technology and materials leading advancers
The NASDAQ hiked 44.9 points to 6,220.37, with shares of Apple, Google-Parent Alphabet and Tesla all rising.
Technology stocks have easily outperformed this year, with the S&P information technology sector advancing 17.6%. By comparison, health-care — the second-best performer in the S&P — had risen 12.1% for 2017 entering Tuesday's session.
In economic news, the National Federation of Independent Business' small business optimism index came in unchanged at 104.5 for May.
Meanwhile, U.S. producer prices remained unchanged last month as energy costs recorded their biggest decline in more than a year, suggesting inflation pressures were easing after rising at the start of the year.
Investors also kept an eye on the Federal Reserve as the central bank kicked off a two-day monetary policy meeting on Tuesday.
Investors largely expect the central bank to raise interest rates by a quarter point. Market expectations for a June rate hike were 99.6%.
Investors will also look for clues about how the U.S. central bank plans to unwind its massive $4.5-trillion balance sheet.
Prices for the benchmark 10-year Treasury note were higher, lowering yields to Monday’s 2.21%. Treasury prices and yields move in opposite directions.
Oil prices regained 41 cents to $46.49 U.S. a barrel
Gold prices inched up 10 cents at $1,269.00 U.S. an ounce.
