Markets in Toronto gave up earlier gains Tuesday, as losses in tech and gold stocks overshadowed strength in health-care issues, primarily cannabis companies
The S&P/TSX Composite Index moved backward 17.52 points to close at 16,144.79. At one point in the day, the market went as high as 16,228.07, surpassing the mark of 16,209.13, at which it closed on New Year’s Eve 2017.
The Canadian dollar was down 0.26 cents at 77.99 cents U.S.
Markets in Canada were closed on Monday for Victoria Day.
Among the largest decliners was e-commerce software maker Shopify Inc, which fell $11.14, or 5.9%, to $178.11, after Adobe Systems announced it was buying rival Magento Commerce.
Constellation Software dropped $14.45, or 1.5%, to $983.23.
Energy stocks dipped somewhat, as Suncor Energy docked 22 cents to $52.54, while Imperial Oil fell 19 cents to $41.93.
Gold stocks faltered, too, as Kinross Gold lost five cents, or 1.1%, to $4.59, while Barrick Gold slid seven cents to $16.88.
One of the largest percentage gainers were Aurora Cannabis, which jumped 39 cents, or 4.9% to $8.31, after it made a strategic investment in CTT Pharmaceutical and Canopy Growth Co. Shares of Canopy Growth rose $2.34, or 6.5%, to $38.38.
In the financial sector, Royal Bank climbed $1.13, or 1.1%, to $101.70, while Manulife Financial took on 21 cents to $25.04.
In the telecom sector, BCE gained seven cents to $54.40, while Rogers Communications gathered 31 cents to $62.85.
Cameco Corp fell $1.04, or 7.1%, to $13.61, the largest drop on the TSX.
On the economic front, Statistics Canada reported wholesale trade rose 1.1% to $62.8 billion in March, more than offsetting the decline in February. The motor vehicle and parts sub-sector contributed the most to the gain.
ON BAYSTREET
The TSX Venture Exchange gained 1.46 points to 787.85
Seven of the 12 TSX subgroups moved lower on the day, as information technology lost 1.5%, while energy and gold each stepped back 0.8%.
The five gainers were led by health-care, vaulting 2.8%, financials, up 0.6%, and telecoms, inching up 0.1%.
ON WALLSTREET
U.S. stocks dropped on Tuesday after President Donald Trump said a highly anticipated summit with North Korea may not happen after all.
The president also said he is not satisfied with U.S.-China trade talks.
The Dow Jones Industrials backpedaled 178.88 points to 24,834.41, as Boeing shares declined 2.5%
The S&P 500 dropped 8.57 points to 2,724.44, with energy lagging.
The NASDAQ faltered 15.58 points to 7,378.46
Trump also said he was "not satisfied" with the trade talks that took place with China last week. He called the negotiations a "start" as his administration keeps working toward a final deal to address trade imbalances with Beijing.
The Chinese Finance Ministry said tariffs on certain vehicles will come down to 15% from as much as 25% while levies on some parts will be brought down to 6% effective July 1.
Shares of Ford gained on the news, picking up 0.1%, and General Motors rose 0.5%. Tesla initially rose more than 1% before sliding 3.3%.
The announcement by China comes after Treasury Secretary Steven Mnuchin told the media on Monday the U.S. has made "very meaningful progress" with China on trade matters, noting: "Now it's up to both of us to make sure that we can implement it."
Prices for the benchmark for the 10-year U.S. Treasury were higher, lowering yields to Monday’s 3.06%. Treasury prices and yields move in opposite directions.
Oil prices lost 30 cents at $72.05 U.S. a barrel.
Gold prices gained 40 cents at $1,291.30 U.S. an ounce.
