Equities in Canada’s largest market fell as the clock approached noon on Thursday, tracking global markets that fell on concerns over the pace of economic growth, as bank stocks led broad declines and energy stocks were squeezed by oil prices that hit six-week lows.
The S&P/TSX Composite Index slumped 59.14 points to greet noon at 15,110.99
The Canadian dollar slid 0.34 cents to 75.22 cents U.S.
Health-care were having their troubles, as Canopy Growth Corp. slipped 15 cents, or 1.8%, to $7.45.
Financial stocks, which account for roughly a third of the index's weight, slipped, as Brookfield Asset Management fell 42 cents to $50.23 and was among the most influential decliners.
Royal Bank of Canada was also a key index mover, despite seeing a fall of only 19 cents to $93.17.
Home Capital Group provided one of the few bright spots that offset some of the group's declines.
Shares rose $1.43, or 11.8%, to $13.56, after the company reported late on Wednesday it had reached a settlement agreement with the Ontario Securities Regulator accepting responsibility for misleading investors about problems with its mortgage underwriting procedures.
Among energy concerns, Canadian Natural Resources fell 48 cents, or 1.3% to $36.88, while Cenovus Energy lost 30 cents, or 2.7%, to $10.65.
The materials group, which includes miners, fertilizer and lumber companies, lost strength as metal prices, including copper and gold, fell. Barrick Gold retreated 39 cents, or 1.8% to $20.71.
Technology stocks were down, as BlackBerry was off 12 cents to $13.85.
On the economic slate, Statistics Canada reported that manufacturing sales rose 1.1% to a record high $54.4 billion in April, mainly due to higher sales in the petroleum and coal product, and primary metal industries.
Meanwhile, the Canadian Real Estate Association (CREA) said re-sales of Canadian homes dropped 6.2% in May from April as Toronto sales plunged 25.3%. CREA said new housing policy changes sideswiped demand and new listings rose again
The industry group also said actual sales, not seasonally-adjusted, were down 1.6% from May 2016, while home prices were up 17.9% from a year earlier.
ON BAYSTREET
The TSX Venture Exchange dropped 4.6 points to 774.70
All but one of the 12 TSX subgroups lost ground, with health-care collapsing 1.4%, materials scampering back 1%, and energy looking 0.8% less energetic.
Utilities was the only positive ground, eking up 0.04%.
ON WALLSTREET
Equities south of the border traded lower on Thursday as large-cap technology stocks faced renewed pressure.
The Dow Jones Industrials faded 41.57 points – off its lows of the morning -- to 21,332.99, with Apple contributing the most losses. The 30-stock index briefly fell more than 100 points earlier in the session.
The S&P 500 slipped 11.47 points to 2,426.45, with information technology sliding more than 1% to lead decliners.
The NASDAQ remained negative 56.46 points to 6,138.44. Shares of Facebook, Amazon, Apple, Netflix and Alphabet all traded lower.
Alphabet shares also fell after being downgraded by analysts at Canaccord Genuity.
Technology has been on a tear this year, with the S&P tech sector rising about 18% to easily outperform other industries. But earlier this week, tech completed its biggest two-day decline since December.
There were a slew of economic data released Thursday, including weekly jobless claims, which came in at 237,000.
The Philadelphia Fed business index hit 27.6 in June, while the Empire State manufacturing survey reached 19.8.
Investors also reacted to the Federal Reserve's decision to raise interest rates and lay out a plan to unwind its $4.5-trillion balance sheet.
The U.S. central bank hiked rates for a second time this year, as was widely expected, but some investors doubted the Fed's plans.
Prices for the benchmark 10-year Treasury note fell, raising yields to 2.16% from Wednesday’s 2.13%. Treasury prices and yields move in opposite directions.
Oil prices dropped 28 cents to $44.45 U.S. a barrel
Gold prices faded $19.60 at $1,256.30 U.S. an ounce.
