Equities in Canada’s biggest market slipped in early trade on Tuesday as gold miners weighed despite the precious metal getting a safe-haven boost after a North Korean missile launch, while energy and financial stocks provided support.
The S&P/TSX Composite Index fell 37.35 points to begin the third quarter of 2017 at 15,144.83
The Canadian dollar jumped 0.43 cents to 77.33 cents U.S.
Markets in Canada were closed Monday for Canada Day
About 20,000 gallons (about 75,000 litres) of crude oil belonging to Exxon Mobil Corp was released after a Canadian National Railway Co freight train derailed on Friday at Plainfield, Illinois.
CN shares gave back five cents to $105.17.
Canaccord Genuity raised the target price on Theratechnologies Inc. to $9.50 from $7.50. Theratechnologies began the day up three cents to $8.61.
Energy stocks bucked the downward trend and traded higher, primarily Crescent Point Energy gained 12 cents, or 1.2%, to $10.04, and
Cenovus Energy gaining 11 cents, or 1.2%, to $9.67.
Gold stocks, however, faded, as Kinross Gold dipped 12 cents, or 2.3%, to $5.15, and Goldcorp slipped 38 cents, or 2.3%, to $16.34.
Tech stocks also withered, as BlackBerry dropped 19 cents, or 1.5%, to $12.77, and Constellation Software fell $14.69, or 2.2%, to $663.72.
On the economic ledger, the IHS Markit Canada Manufacturing Purchasing Managers’ Index eased further from April’s six-year peak of 55.9 to 54.7 in June, down from 55.1 in May. Nonetheless, the latest reading was well above the neutral 50.0 threshold and signaled a solid improvement in overall business conditions.
ON BAYSTREET
The TSX Venture Exchange gave back 3.95 points to 762.79
All but one of the 12 TSX subgroups were negative in the first hour of trading, as gold dropped 1.5%, with information technology and materials each surrendering 1.1%
Energy gained 0.5%.
ON WALLSTREET
Markets were closed south of the border for Independence Day
