Stock indexes in Toronto listed lower midday Tuesday as losses in financials offset gains in tech and consumer stocks
The S&P/TSX Composite Index slumped 34.34 points to greet noon at 16,312.32
The Canadian dollar lost 0.19 cents to 74.21 cents U.S.
The top percentage gainers on the TSX were shares of NFI Group Inc, which jumped $1.85, or 5.7%, to $34.52, followed by shares of Bombardier Inc, which rose 4.5 cents, or 2.2%, to $2.12.
Enerflex fell the most on the TSX, 76 cents, or 4.3%, to $16.74, after Raymond James cut its price target for the company's shares.
Scotiabank slumped 47 cents to $70.10.
British Columbia said on Monday that its public drug plan will switch as many as 20,400 patients from three branded biologic drugs to cheap near-copies called biosimilars, saving an estimated $96.6 million over three years.
ON BAYSTREET
The TSX Venture Exchange subtracted 1.52 points to 606.30.
Seven of the 12 Toronto subgroups slipped into the red by lunch hour, as real-estate faltered 0.7%, while financials and energy each swooned 0.6%.
The five gainers were led by information technology, climbing 0.7%, consumer discretionary, picking up 0.5%, and communications, advancing 0.3%
ON WALLSTREET
Stocks gave back most of their initial gains on Tuesday amid lingering trade worries following President Donald Trump’s comments on the subject.
The Dow Jones Industrials gained 26.63 points to 25,612.32
The S&P 500 improved 4.35 points to 2,830.41
The NASDAQ Composite advanced 35.1 points to 7,672.10
Bank shares fell broadly amid the lower interest rates. Goldman Sachs dropped nearly 1% while Citigroup and J.P. Morgan Chase both fell 0.2%. Morgan Stanley and Wells Fargo also slipped.
Tesla shares, meanwhile, fell 0.1% after a Chinese official said China would prioritize domestic demand for rare earth metals. These metals are used in the building of Tesla’s car batteries.
In corporate news, Fiat Chrysler shares rose more than 6% on news it is seeking a merger with French automaker Renault. Meanwhile, Total Systems Services rose more than 5% after agreeing to merge with Global Payments.
Consumer confidence data also boosted sentiment. The Conference Board said consumer confidence rose this month to its higher level since November.
Still, worries over U.S.-China trade talks prevented the broader market from posting sharp gains. President Donald Trump said Monday the U.S. was "not ready" to make a deal with China, before adding he expected one in the future. Trump also said tariffs on Chinese imports could go up "substantially."
Trump’s comments come after a commentary piece in Chinese state-run newspaper Xinhua hinted China would not bend to U.S. demands change its state-run economy. The U.S. has raised concern over state-run companies and the forced surrender of intellectual property.
Prices for the benchmark 10-year U.S. Treasury rose sharply, lowering yields to 2.27% from Friday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices took on 33 cents to $58.96 U.S. a barrel.
Gold prices sagged $5.10 to $1,278.50 U.S. an ounce.
