Equities in Toronto fell hard at open on Thursday as oil prices, one of the country's major exports, tumbled and pressured energy stocks.
The S&P/TSX Composite Index decreased 134.95 points to begin Thursday’s session at 16,192.40
The Canadian dollar slumped 0.33 cents to 74.46 cents U.S.
Royal Bank of Canada reported a 6% rise in adjusted quarterly profit, boosted by loan growth in its retail banking business and higher revenue in its trading business from improved market conditions.
RBC shares declined $1.88, or 1.8%, to $103.30.
TD Bank Group reported a 6.7% rise in adjusted second-quarter profit, as Canada's second-biggest lender by market value benefited from strong performance in its retail business.
TD shares gained 91 cents, or 1.2%, to $74.76.
Canaccord Genuity cut the rating on CIBC to hold from buy. Commerce shares gave back $2.01, or 1.9%, to $105.20.
National Bank of Canada cut the price target on Lithium Americas to $6.25 from $8.50. Lithium shares docked 18 cents, or 3.4%, to $5.19.
CIBC raised the price target on Neo Performance Materials to $16.00 from $15.00. Neo shares dipped 26 cents, or 3.2%, to $11.65.
On the economic slate, Statistics Canada says wholesale trade rose for the fourth consecutive month, up 1.4% to $64.1 billion in March.
The nation’s number crunchers attribute the hike to higher sales in six sub-sectors, accounting for 82% of total wholesale sales. The motor vehicle and motor vehicle parts and accessories sub-sector was the lone sub-sector to decline.
Elsewhere, the agency says, 436,600 people received regular Employment Insurance benefits in March, down 4,400, or 1%, from February.
ON BAYSTREET
The TSX Venture Exchange fell 4.08 points to 606.48.
All but three of the 12 Toronto subgroups were down to begin the session, with energy slouching 3.8%, health-care ailing 2.1%, and consumer discretionary losing 1% worth of ground.
The three gainers were gold, 1.1% shinier, communications, nicking up 0.1%, and consumer staples, poking up 0.01%.
ON WALLSTREET
Stocks fell sharply on Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.
The Dow Jones Industrials descended 387.72 points, or 1.5%, to open Thursday at 25,388.91, as United Technologies and Goldman Sachs lagged.
The S&P 500 handed back 39.7 points, or 1.4%, to 2,817.22
The NASDAQ Composite dropped 119.25 points, or 1.5%, to 7,632.93
U.K.-based chip designer Arm Holdings said it suspended business with Huawei to comply with the U.S. blacklisting of the telecom company. Panasonic also said it stopped shipping some smartphone components to Huawei.
Vodafone and BT Group, the biggest phone carriers in the U.K., said they are removing Huawei phones from their 5G network plans.
Equities extended losses after IHS Markit said U.S. manufacturing activity grew at its slowest pace since September 2009 this month.
Shares of Qualcomm fell 4.5% while Xilinx declined 2.8%. Micron declined 4.5%, and Lam Research fell 2.4%.
Apple shares also fell 2.1% after a UBS analyst cut his price target on the iPhone maker to $225 per share from $235.
Prices for the benchmark 10-year U.S. Treasury gained ground, lowering yields to 2.33% from Thursday’s 2.39%. Treasury prices and yields move in opposite directions.
Oil prices docked $2.50 to $58.92 U.S. a barrel.
Gold prices leaped $8.90 to $1,283.10 U.S. an ounce.
Dow Sinks Near 400 on Trade War Fears
