Canada's main stock index fell at open on Tuesday, following a 12-day long rally, with energy shares leading losses on the back of lower oil prices.
The S&P/TSX Composite Index docked 120.88 points early Tuesday to 15,233.28
The Canadian dollar skidded 0.26 cents to 74.94 cents U.S.
Australian cobalt developer Jervois Mining said on Tuesday it has agreed to buy Canadian cobalt explorer M2 Cobalt, as the hunt for quality mines in the battery materials sector gains pace.
M2 shares did not stir, registered at 25 cents each.
An explosion of an Enbridge natural gas pipeline in Ohio on Monday created a fireball of flame and damaged homes, prompting nearby residents to evacuate.
Enbridge shares dived 75 cents, or 1.6%, to $47.70.
Barrick Gold said on Monday it was considering all options for Lumwana copper mine in Zambia as the country's proposed new mining taxes would make it challenging to generate adequate returns for all its stakeholders.
The world’s biggest gold miner lost 18 cents, or 1.1%, to $15.71.
Credit Suisse cut the price target on Bombardier to $3.76 from $4.48. Bombardier doffed four cents, or 1.9%, to $2.05.
Barclays raised the price target on Teck Resources to $42.00 from $38.00. Teck shares retreated 73 cents, or 2.4%, to $29.97.
Barclays raised the price target on OceanaGold to $4.50 from $4.00. OceanaGold shares were static at $4.53.
On the economic slate, Statistics Canada said wholesale trade fell 1.0% in November to $63.0 billion, more than offsetting the 0.7% increase in October.
The agency went on to say sales were down in five of seven sub-sectors, representing about 82% of total wholesale sales.
Also in November, manufacturing sales fell 1.4% to $57.3 billion, the second consecutive monthly decrease. StatsCan said the decline in November mainly reflected lower sales of petroleum and coal products.
ON BAYSTREET
The TSX Venture Exchange dipped 1.63 points to 596.45
Seven of the 12 TSX subgroups were negative to start the day, with materials and consumer discretionaries each down 1.1%, while industrials fell 1%.
The five gainers were co-led by utilities and gold, each up 0.3%, while communications squeezed ahead 0.2%.
ON WALLSTREET
Stocks fell on Tuesday, the first trading day of the week, as weak data out of China and lower global growth estimates from the International Monetary Fund renewed fears of the global economy slowing down.
The Dow Jones Industrial Average subsided 194.34 points, to begin Tuesday and a shortened week at 24,522.01, led by losses in Travelers and Johnson & Johnson.
The S&P 500 reversed 25.38 points to 2,645.33, as the energy and industrials sectors lagged.
The NASDAQ Composite tumbled 85.66 points, or 1.2%, to 7,071.57
Stocks came into Tuesday’s session riding a four-week winning streak, their longest since August, as investors have largely shrugged off fears of a slowdown in earnings growth as well as an ongoing U.S. government shutdown. The S&P 500 is also up more than 10% since Dec. 24.
Arconic fell about 20% after announcing it would abandon the pursuit of a company sale.
Shares of eBay jumped 9% after hedge fund Elliott Management revealed a $1.4 billion stake in the company. Elliott also sent extensive recommendations to the company’s management team.
Markets in the States were closed Monday for Martin Luther King Day.
The IMF, meanwhile, said Monday the global economic expansion is losing momentum. This led the institution to trim its 2019 growth forecast to 3.5% from 3.7%. The Fund also cut its 2020 growth outlook to 3.6% from 3.7%.
Prices for the benchmark for the 10-year U.S. Treasury gained ground, reducing yields to 2.75% from Friday’s 2.79%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.81 to $51.99 U.S. a barrel.
Gold prices slipped $1.20 to $1,281.40 U.S. an ounce.
