Energy companies and miners helped push the Toronto stock market lower Tuesday morning as investors looked for direction amid a dearth of market-moving corporate and economic news.
The S&P/TSX composite index fell 2.57 points to greet noon at 14,299.49
The Canadian dollar improved 0.22 cents at 90.25 cents U.S.
Mining stocks on the TSX again stepped back after losing ground Monday amid concerns about Chinese growth as data showed that exports of the world's second biggest economy fell by an unexpectedly large 18% in February.
The country's official 2014 economic growth target of 7.5% assumes trade also will grow by 7.5%.
Copper prices and TSX base metal stocks in particular headed lower as a result of the data with the metal widely viewed as a proxy for the global economy closing at a multi-year low.
On Tuesday, the May copper contract on the New York Mercantile Exchange was unchanged at $3.04 U.S. a pound after shedding 6% over the last two sessions and the base metals sector shed early gains to lose 0.2%.
On the corporate front, Canadian Pacific Railway will repurchase up to 5.27 million or 3% of its shares over the next year.
One expert said the repurchase program is earlier and larger than the 4.4 million shares expected and CP shares declined $1.12 to $170.19.
Fortress Paper Ltd. plunged 15.4% to $2.75 as the company posted a quarterly loss of $54.7-million or $3.76 a share as it wrote down the value of property, plant and equipment at a Quebec cellulose mill.
Ex-items, Fortress had an adjusted net loss of $21.2 million or $1.46 per share in the quarter, compared with a loss of $11.2 million or 77 cents per share a year earlier. Its revenue dropped to $37.2 million from $58.7 million a year before.
Printer Transcontinental Inc. says adjusted operating earnings remained stable at $43.5 million for the first quarter as revenues fell 5% due to weakness in the advertising market.
Transcontinental also announced it will acquire Capri Packaging, a Missouri supplier of printed flexible packaging, for $133 million U.S. Its shares were down three cents to $15.01.
Canadian exporters are also watching developments in Vancouver where a strike by container-truck drivers serving Port of Metro Vancouver terminals is growing.
Members of Unifor-Vancouver Container Truckers' Association parked their rigs Monday, joining members of the non-union United Truckers Association who have been on strike since last month.
The groups reached a tentative deal with employers last week, but the members voted against the agreement over the weekend.
ON BAYSTREET
The TSX Venture Exchange remained positive 6.53 points to 1,049.38
All but four of the 14 Toronto subgroups were lower by midday, as metals and mining shed 1.3%, consumer staples were down 1%, and information technology issues were off 0.6%.
The four gainers were led by financials, up 0.7%, real-estate, up 0.3%, and gold, up 0.2%.
ON WALLSTREET
The Dow, S&P 500 and NASDAQ were mixed in morning trading.
The Dow Jones Industrial Average subtracted 23.60 points midday to 16,395.08
The S&P 500 index faded 2.78 points to 1,874.39. The NASDAQ reversed course and advanced 2.88 points to 4,337.33.
There was little economic data on tap Tuesday, but several companies were making news.
J.C. Penney shares surged over 8% Tuesday after a Citigroup analyst upgraded the company's stock to a "buy."
The stock started the year on a rough note, and was one of the worst performers in the S&P 500 last year. But J.C. Penney shares have jumped in recent weeks as investors have begun to get on board with its much-hyped turnaround strategy.
With Tuesday's gains, the stock is close to breaking even for the year.
Herbalife shares were under pressure, as hedge fund manager Bill Ackman planned to unveil information alleging violations by the nutritional products distributor in China.
Ackman has publicly called the company a pyramid scheme and said he is betting on the company's demise. But so far Ackman's Pershing Square Capital has taken a bath on that wager, as Herbalife shares have soared since Ackman disclosed his trade.
Shares of Dick's Sporting Goods rose after the sporting retailer reported earnings and revenue roughly in line with forecasts.
Urban Outfitters, which owns the retail brands Anthropologie and Free People, declined after reporting quarterly revenue that fell short of analysts' expectations.
Prices for 10-year U.S. Treasuries were down, raising yields to 2.79% Monday’s 2.78%. Treasury prices and yields move in opposite directions.
Oil prices dipped 15 cents to $100.97 U.S. a barrel.
Gold prices added five dollars to $1,346.50 U.S. an ounce.
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