Stocks in Canada’s largest centre fell at the open on Thursday, as worries of coronavirus rose following an increase in the death toll in the United States due to the epidemic.
The TSX Composite Index dove 218.27 points, or 1.2%, to open Thursday at 16,577.03
The Canadian dollar stumbled 0.19 cents to 74.52 cents U.S.
Canadian Natural Resources missed fourth-quarter profit estimates, as the oil and gas producer took a hit from a fall in oil prices. Natural Resources shares doffed 41 cents, or 1.2%, to $32.71.
Canopy Growth said on Wednesday it plans to close two of its greenhouses in Aldergrove and Delta, British Columbia, cutting about 500 positions. Canopy shares fell 80 cents, or 3.4%, to $22.97.
Royal Bank of Canada said on Wednesday it would cut its prime rate to 3.45% from 3.95% in its first reduction since July 2015, with the country's other lenders expected to follow suit, even as the moves weigh on margins already under pressure.
Royal shares retreated $1.46, or 1.4%, to $99.72.
CIBC raised the rating on Norbord to outperform from neutral. Norbord shares docked 59 cents, or 1.6%, to $37.59.
National Bank of Canada cut the rating on Spin Master to sector perform from outperform. Spin Master slid $10.59, or 35.9%, to $18.78.
CIBC raised the target price on Transalta to $11.00 from $10.00. Transalta slumped 27 cents, or 2.5%, to $10.37.
ON BAYSTREET
The TSX Venture Exchange deducted 2.66 points to 523.08.
All but three of the 12 TSX subgroups were negative in the first hour, with health-care falling 2.6%, consumer discretionary backpedaling 2.5%, and industrials slouching 1.6%.
The three gainers were gold, up 1.6%, materials, better by 0.1%, and consumer staples, inching ahead 0.04%.
ON WALLSTREET
Stocks plunged on Thursday, more than halving their massive relief rally in the previous session, as markets remained choppy in the face of the fast-spreading coronavirus.
The Dow Jones Industrials slumped 825.92 points, or 3.1%, to open Thursday at 26,264.94, with Boeing and Goldman Sachs combined shaving off 140 points.
The broader S&P 500 flopped 86.79 points, or 2.8%, to 3,043.33, with only four components trading higher.
The NASDAQ floundered 218.27 points, or 2.4%, to 8,799.82.
Other banks took their share of knocks, as Truist Financial dropped 5.8%, M&T Bank fell 5.1% and Fifth Third sank 4.9%.
The weekly jobless claims data on Thursday underscored the labour market strength despite the outbreak. Initial claims for state unemployment benefits slipped 3,000 to 216,000 for the week ended Feb. 29. Economists had forecast claims would fall to 215,000 in the latest week.
Fears about the coronavirus disrupting the global economy continued to grip Wall Street as countries around the world extended quarantines and travel restrictions. California declared a state of emergency after a coronavirus-related death and 53 confirmed cases in the state.
Prices for the 10-Year U.S. Treasury moved sharply higher, lowering yields to 0.93% from Wednesday’s 1.04%. Treasury prices and yields move in opposite directions.
Oil prices dipped 20 cents to $46.58 U.S. a barrel.
Gold prices regained $16.00 to $1,659.00 U.S. an ounce.
