TSX Weighed Down by Materials

Doman, Ayr in Focus

The losing streak continued for stocks in Canada, where the country’s main index slipped for the fifth straight session on Wednesday, weighed down by materials sector, while data showed annual inflation rate climbed at its fastest pace since 2011.

The TSX/S&P Composite settled 39.2 points to kick off Wednesday’s session at 20,324.29

The Canadian dollar inched up 0.05 cents to 79.25 cents U.S.

A cybersecurity flaw in software designed by BlackBerry could put at risk cars and medical equipment that use it and expose highly sensitive systems to attackers, the U.S. drugs regulator and a federal agency said on Tuesday.

Shares in the company formerly known as Research in Motion gained 16 cents, or 1.3%, to $12.39.

Tilray said on Tuesday it will buy convertible debt of struggling U.S. rival MedMen Enterprises for about $166 million in a deal with partners, giving it a pathway to enter the United States. Tilray shares acquired 23 cents, or 1.4%, to $16.76.

Canaccord Genuity cut the rating on Doman Building Materials Group to hold from buy. Doman dropped 32 cents, or 4.3%, to $7.08.

Canaccord Genuity cut the ratting on Medexus Pharmaceuticals to hold from speculative buy. Medexus shares lost seven cents, or 2.5%, to $2.78.

Jefferies raises target price on Ayr Wellness to $84 from $80. Ayr shares popped 50 cents, or 1.5%, to $34.50.

Canada plans to resume military flights to Afghanistan to evacuate civilians as the United States regains control of the Kabul airport, the Canadian Armed Forces said late on Tuesday.

On the economic slate, Statistics Canada’s Consumer Price Index (CPI) rose 3.7% on a year-over-year basis in July, up from a 3.1% gain in June. On a seasonally adjusted monthly basis, the CPI rose 0.5% in July.

ON BAYSTREET

The TSX Venture Exchange regained 1.31 points to 875.41

Nine of the 12 TSX subgroups were lower in the first hour, weighed most by gold, down 1.1%, while energy and materials each sank 0.8%.

The three gainers were information technology and consumer discretionary stocks, each up 0.1%, and industrials, eking up 0.04%.

ON WALLSTREET

U.S. stock indexes were flat Wednesday as investors awaited the release of the Federal Reserve’s latest meeting minutes for insights into when the central bank may start removing stimulus.

The Dow Jones Industrials demurred 20.62 points to 35,322.66.

The S&P 500 fell 0.79 points to 4,447.29.

The NASDAQ edged ahead 2.14 points to 14,658.32.

Investors waded through more earnings reports from major retailers Tuesday.

Shares of Lowe’s popped more than 8% after earnings last quarter topped expectations, with higher sales to home professionals.

Meanwhile, Target shares pulled back even after beating on second-quarter earnings. The retailer’s profit and revenue topped expectations and the company raised its forecast for the second half of the year, citing a good start to back-to-school spending.

Target shares were up 44% this year through Tuesday, so some investors may be taking profits.

The Federal Reserve publishes its meeting minutes from its July gathering at 2 p.m. ET. Market participants will be looking for clues about when the central bank could start dialing back its monthly bond buying program.

Since that July meeting, there’s been growing support within the Fed to announce a tapering in September and begin it in October.

Elsewhere, housing starts fell 7% in July to a seasonally adjusted annual rate of 1.534 million units, well below economists’ expectations.

Prices for 10-Year Treasurys were unchanged, keeping yields at Tuesday’s 1.27%.

Oil prices recovered 33 cents to $66.92 U.S. a barrel.

Gold prices repaired 50 cents to $1,767.30 U.S. an ounce.