Markets in Toronto dropped for a fourth straight session on Wednesday, hitting its lowest level in two and a half months as a fall in oil prices fueled a selloff in shares of energy producers.
The S&P/TSX composite index dumped 68.36 points to greet noon at 15,057.31
The Canadian dollar was off 0.01 cents to 90.18 cents U.S.
The Toronto stock market's benchmark TSX index is down about 4.2% from the record high it reached earlier this month.
Energy sector weakness, which has been one of the biggest drags on the market in recent months, offset a jump in shares of Valeant Pharmaceuticals International Inc after the drug maker said it expects to report higher-than-expected third-quarter revenue and stronger adjusted earnings per share.
Valeant was up 4.5% at $134.11.
Shares of energy producers were lower, with the price of Brent crude oil falling 0.9%. Suncor Energy dropped 1.4% to $40.68, and Canadian Natural Resources was down 1.7% at $43.20.
Financials fell as Bank of Nova Scotia lost 1.4% to $70, and Toronto-Dominion Bank declined 0.9% to $56.38.
In corporate news, BlackBerry gained 1.4% to $11.86 as the company launched an unconventional new smartphone dubbed the Passport on Wednesday.
ON BAYSTREET
The TSX Venture Exchange slid 2.87 points to 922.31.
Nine of the 14 Toronto subgroups were lower by midday, with energy and consumer staples stocks each down 0.8%, and financials skidding 0.7%.
The five gainers were led by metals and mining issues, gathering 1.9%, global base metals, surging 1.6%, and health-care picked up 1%.
ON WALLSTREET
U.S. stocks rose on Wednesday, rebounding after a losing streak that’s been blamed in part on worries about global growth and Mideast fighting.
The Dow Jones Industrials bolted higher 83.26 points to 17,139.13.
The S&P 500 hiked 8.15 points to 1,990.92. The NASDAQ jumped 27.85 points to 4,536.54.
Bed Bath & Beyond shares climbed more than 7.5% to lead the S&P 500 after the home-furnishings retailer late Tuesday posted better-than-expected quarterly earnings.
Accenture shares fell 1% after the consulting firm issued a cautious outlook for its next fiscal year.
Investors were waiting for speeches by U.S. Federal Reserve officials later in the day. A stronger-than-expected report on new-home sales may have contributed to late-morning gains.
In economic circles, the U.S. Commerce Department said sales of new single-family homes surged 18% in August to a seasonally adjusted annual rate of 504,000, the fastest pace in more than six years. Economists had expected a sales rate of 426,000.
Prices for 10-year U.S. Treasuries were unchanged, keeping yields at Tuesday’s 2.54%.
Oil prices recovered 20 cents to $91.75 U.S. a barrel.
Gold prices sank $3.60 to $1,218.40 U.S. an ounce.
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