Equities in Canada’s biggest market fell broadly in early trading on Tuesday, as health-care and tech stocks led declines.
The S&P/TSX Composite Index let go of 26.6 points to open Tuesday at 15,138.76
The Canadian dollar rebounded 0.58 cents to 79.33 cents U.S.
Figures released Tuesday by the firm Paynet showed lending to Canadian small businesses picked up in May on stronger activity in the agriculture and consumer sectors, suggesting companies were becoming more willing to invest two years after a slump in oil prices hit the economy.
Among health-care concerns, Canopy Growth lurched lower 16 cents, or nearly 2%, to $8.05, while Valeant Pharmaceuticals dropped 50 cents, or 2.3%, to $21.50.
Tembec Inc's largest shareholder, Oaktree Capital Management LP, asked other shareholders to reject Rayonier Advanced Materials Inc's deal to buy the Canadian paper and cellulose pulp maker, saying it was a "flawed" sale process.
Tembec shares dropped five cents, or 1.2%, to $4.22.
Elsewhere, Macquarie cut the rating on Air Canada to neutral from outperform. The Maple Leaf airline took on 11 cents to $20.19.
Macquarie cut the rating on Westjet Airlines to underperform from neutral. Westjet shares shed a dime to $24.83.
ON BAYSTREET
The TSX Venture Exchange gained but 0.44 points to 762.76
All but two of the 12 TSX subgroups were in the red soon after the opening bell, with health-care sliding 0.8%, while industrials and information technology skidding 0.5%.
The two gainers were energy, up 0.4%, while gold inched up 0.1%.
ON WALLSTREET
U.S. equities opened mostly lower on Tuesday as investors pored over more corporate quarterly reports.
The Dow Jones Industrials shed 65.76 points Tuesday to 21,563.96, pressured by shares of Goldman Sachs. The bank's stock fell and contributed the most losses on the Dow after reporting a 40% drop in second-quarter bond trading revenue. That said, its top and bottom-line quarterly results topped Wall Street expectations.
The S&P 500 fell 4.32 points to 2,454.82, with financials leading decliners.
The NASDAQ dropped 6.15 points to 6,308.29, despite Netflix shares soaring nearly 9%. Netflix said it added 5.2 million total memberships during its second quarter.
Bank of America also posted quarterly results that beat expectations. Its stock, however, was also pressured by a sharp drop in trading revenue.
Wall Street also turned its eyes towards Washington, after two more Republican senators announced Monday that they would oppose the current Republican health care bill.
Following the news, Senate Majority Leader Mitch McConnell called for a vote to repeal Obamacare without an immediate replacement, after the latest attempt to overhaul the U.S. health care system lost momentum.
In economic news, import prices fell 0.2% last month, as expected.
Prices for the benchmark 10-year Treasury note jumped Tuesday, lowering yields to 2.27% from Monday’s 2.31%. Treasury prices and yields move in opposite directions
Oil prices hiked 55 cents to $46.57 U.S. a barrel
Gold prices gained $6.20 to $1,239.90 U.S. an ounce.
