Toronto’s main stock index took its lumps at the outset Wednesday, as Cyprus's bailout woes, weak euro-zone economic data and soft demand at an Italian debt auction weighed on sentiment.
The S&P/TSX index got clobbered 82.44 points to commence trading Wednesday at 12,623.94
The Canadian dollar shrank 0.08 cents to 98.31 cents U.S.
Air Canada said a preliminary estimate of its pension solvency deficit has dropped to $3.7 billion from $4.2 billion a year ago, reflecting a better-than-expected 14% return on plan assets. The Maple Leaf airline’s stock was grounded six cents to $3.07
Agrium Inc. won another ringing endorsement just ahead of a crucial shareholder vote after influential advisory firm Glass Lewis on Tuesday advised its clients to back all 12 of Agrium's board nominees over a slate nominated by dissident investor Jana Partners. Agrium shares tumbled $3.16, or 3.2%, to $97.25
Huntingdon Capital Corp. said it increased its offer for all of KEYreit's units to match Plazacorp Retail Properties' $119-million bid for the company. Huntingdon shares were unchanged at $12.35
On the economic calendar, Statistics Canada reported that consumer prices rose 1.2% in the 12 months to February, following a 0.5% advance in January, mostly due to transportation prices, which rose 2.0% on a year-over-year basis in February, after falling 0.5% in January.
ON BAYSTREET
The TSX Venture Exchange dropped 4.7 points to 1,091.33
All but two of the 14 Toronto subgroups were lower at the outset, weighed down mostly by metals and mining issues, down 1.7%, global base metals, sliding 1%, and financials, tanking 0.9%.
The two gainers were gold, up 0.6%, and information technology, ahead 0.3%.
ON WALLSTREET
U.S. stocks opened lower Wednesday, as investors remain nervous about Europe. The S&P 500 retreated from near record highs.
The Dow Jones Industrials dipped 78.81 points from Tuesday’s all-time record, to 14,480.80
The S&P 500 index withered 10.05 points to 1,553.72. The tech-heavy NASDAQ Composite stepped back 19.18 points to 3,233.30.
Trading volume on Wall Street is likely to be thin amid the Passover holiday and ahead of Good Friday and Easter.
In corporate news, shares of Cliffs Natural Resources were down nearly 12% in early trading. The stock, which has been the worst performer in the S&P 500 this year, was hit with two analyst downgrades Wednesday.
Few major corporate or economic reports are due Wednesday, though this morning, the National Association of Realtors will release data on pending home sales. That figure is expected to have risen 2% in February, according to a Briefing.com consensus of economist forecasts.
Prices on the 10-year U.S. Treasury powered ahead, lowering yields to 1.85% from Tuesday’s 1.91%. Treasury prices and yields move in opposite directions.
Oil prices skidded 61 cents to $95.73 U.S. a barrel.
Gold prices hiked $1.60 to $1,597.30 U.S. an ounce.
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