Stocks in Canada’s market fell hard Thursday, highlighted by losses in Tahoe Resources, but a huge jump by Air Canada.
The S&P/TSX Composite Index tumbled 75.12 points to close Thursday at 15,078.
The Canadian dollar doffed 0.08 cents to 77.09 cents U.S.
Tahoe's Canada-listed shares fell $3.61, or 33.6% to $7.15, as the company said the suspension of operations at its Escobal silver mine meant it could no longer confirm its previously issued 2017 outlook. Several banks cut their target prices and recommendations on the stock.
The "Maple Leaf airline" soared $1.93, or 11.1% to $19.27after the airline said it expected its earnings before interest, taxes, depreciation, amortization, impairment and aircraft rent to "significantly exceed" analysts' expectations.
In the health-care field, Valeant Pharmaceuticals toppled 63 cents, or 2.8%, to $21.55, while Canopy Growth faded 11 cents, or 1.4%, to $7.92.
Gold regressed as rapidly Thursday as it progressed the day before. Barrick Gold sank 34 cents, or 1.6%, to $20.33, while Kinross Gold lost three cents to $5.10.
Elsewhere among materials stocks, Hudbay Minerals docked four cents to $7.34, while First Quantum Minerals deducted seven cents to $11.39.
On the economic slate, Statistics Canada reported our merchandise trade deficit with the world reached $1.1 billion in May, up from a $552-million deficit in April. Imports rose 2.4% and exports were up 1.3%.
The agency also said Canadian municipalities issued $7.7 billion worth of building permits in May, up 8.9% from April and the third highest value on record. The national increase was mainly the result of higher construction intentions for residential buildings, particularly in Ontario.
Seven provinces registered gains in the total value of building permits in May.
ON BAYSTREET
The TSX Venture Exchange settled back 2.97 points Thursday to 759.83
All 12 TSX subgroups were lower on the day, as health-care slid 2%, gold and materials dropped 1.4% each.
ON WALLSTREET
U.S. stocks closed lower Thursday as technology stocks declined
The Dow Jones Industrials dwindled 158.13 points to 21,320.04. UnitedHealth, Walt Disney, 3M and Apple had the greatest negative impact on the index.
The S&P 500 dropped 22.79 points to 2,409.75. Energy traded more than 1.8% lower as the second-worst performer in the S&P 500.
The NASDAQ handed back 61.39 points, or 1%, to 6,089.46. Tech trimmed losses from an earlier decline of more than 1% to close 0.8% lower.
Shares of Facebook, Tesla, Apple, Netflix and Google parent Alphabet all traded lower.
Tesla shares fell 5.5% Thursday, sending shares down 20% from a recent high, or into bear market territory. In the last two days a slew of analysts, including ones from Goldman Sachs and Bernstein, said in notes that Tesla's second-quarter delivery results disappointed them.
Tech — this year's best-performing sector coming into Thursday's session — has been sputtering lately, falling 4% over the past month. The sector was also on track for its fourth losing session in five.
Investors in the U.S. also focused on a series of economic data releases. First, a report from ADP and Moody's Analytics showed the U.S. economy added 158,000 jobs last month, less than the expected 185,000. The report usually serves as a warm-up act for the U.S. Bureau of Labor Statistics' monthly employment report, which is set for release Friday.
Weekly jobless claims, meanwhile, came in at 248,000, slightly higher than the expected 243,000. Other data released included the IHS Markit services Purchasing Managers Index for June, which showed the strongest expansion in business activity since January, and the Institute for Supply Managemente non-manufacturing index, which rose to 57.4 in June from 56.9 in May..
Prices for the benchmark 10-year Treasury note lost strength, raising yields to 2.37% from Wednesday’s 2.33%. Treasury prices and yields move in opposite directions.
Oil prices gained 22 cents to $45.35 U.S. a barrel
Gold prices strengthened $2.60 to $1,224.30 U.S. an ounce.
