Equities in Toronto declined on Tuesday as a drop in prices for gold, oil and other commodities was a drag on shares of natural resource producers.
The S&P/TSX composite index plummeted 65.79 points to greet noon at 14,649.90
The Canadian dollar reversed 0.07 cents to 92.02 cents U.S.
Bank of Nova Scotia shares rose after it released strong quarterly results but the increase was not enough to halt the index's retreat.
Scotiabank's second-quarter profit rose 14%, beating analysts' estimates, as higher income at its domestic banking and global wealth units offset a flat performance in international retail banking.
Shares of gold-mining companies gave back a fair bit of ground and energy stocks were also down. The two groups have recorded the biggest gains on the Toronto Stock Exchange this year.
Among gold producers, Barrick Gold Corp tumbled 3.6% to $17.37, and Goldcorp slipped 3% to $25.84.
Shares of energy producers reflected weakness in oil prices. Canadian Natural Resources lost 1.1% to $44.01, and Suncor Energy declined 0.8% to $41.96.
Financials advanced, with Scotiabank rising 1% to $68.69.
In corporate news, Allergan Inc said Valeant Pharmaceuticals International's $47-billion offer overstated the possible savings from the deal in terms of both research and development and in tax structure. Valeant shares gave back 2.2% to $140.49.
ON BAYSTREET
The TSX Venture Exchange shed 7.81 points to 987.09.
Nine of the 14 Toronto subgroups were negative by lunch hour, weighed mostly by gold, which slid 3.6%, materials, down 2.1%, and energy, sliding 1%.
The five gainers were co-led by financial, consumer discretionary and information technology stocks, each up 0.2%.
ON WALLSTREET
Stocks raced to fresh record highs at Tuesday's opening bell, powered by solid U.S. economic indicators and positive momentum following elections in Europe.
The Dow Jones Industrial Average grew 63.81 points to stop for noon ET 16,670.08.
The S&P 500 gained 9.27 points to 1,909.80, and the NASDAQ composite index improved 38.15 points to 4,223.96
The S&P 500 closed at an all-time high of 1,900.5 on Friday.
The Dow is within striking distance of its record closing high of 16,715.4 that was set earlier this month.
Shares of Hillshire Brands popped 21% in early trading after Pilgrim's Pride offered to acquire the food maker for about $6.4 billion U.S. That offer complicates Hillshire's $4.3-billion U.S. proposed buyout of Pinnacle Foods.
Bank of America bounced 3% higher after saying it resubmitted a capital plan to the Federal Reserve after a calculation mistake scuttled the prior one. BofA said the new request is smaller than the previous one.
Shares of InterContinental Hotels rose 4% after Sky News reported the hotel chain rejected a secret £6-billion ($10-billion U.S) bid by a U.S. suitor. The company declined to comment on the report.
AstraZeneca retreated 2% as investors reacted to Pfizer's confirmation that it would no longer pursue a mega-takeover of the British drug maker.
Economically speaking, Washington said U.S. orders for big ticket items like appliances grew 0.8% in April, slowing down from March's healthy pace but beating expectations for a narrow decline in durable goods orders.
U.S. home prices in 20 cities rose 0.9% in March from February, according to S&P/Case Shiller. That trumped forecasts for a more modest increase.
Prices for 10-year U.S. Treasuries were higher, lowering yields back to Friday’s 2.53%. Treasury prices and yields move in opposite directions
Oil prices fell 17 cents to $104.18 U.S. a barrel.
Gold prices slumped $23.30 to $1,268.40 U.S. an ounce.
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