North American markets entered the fourth quarter Wednesday deep in the red, adding to losses from September as weaker than expected American manufacturing data fueled concerns about a faltering global economy.
The S&P/TSX composite index tumbled 155.07 points, or 1%, to finish at 14,805.44
The Canadian dollar regained 0.21 cents at 89.53 cents U.S.
The benchmark which has dropped eight of its last nine sessions, fell about 4.3% in September, its biggest monthly drop since May 2012, as a stronger U.S. dollar weighed on commodity prices and shares of natural resource companies.
Burnaby, B.C.-based drug company Tekmira Pharmaceuticals was a major advancer. Its stock jumped 17.3% to $25.85 in New York. In August, the U.S. Food and Drug Administration told Tekmira it would allow use of its investigational drug TKM-Ebola in patients with the virus.
TSX declines were led by a drop in the industrials group. Airline stocks fell as investors worry the Ebola scare will drive passengers away. Air Canada shed 39 cents or 4.6%, to $8.16.
Elsewhere in the segment, shares in Westport Innovations plunged 24.8% to $8.84 after the natural gas engine firm cut its revenue guidance for 2014.
The TSX energy sector gave back ground as Imperial Oil dropped 73 cents, or 1.4%, to $52.18, and Suncor fell 51 cents, or 1.3%, to $40.02.
The base metals group was lower as December copper edged up two cents to $3.02 U.S. a pound. Teck Resources fell 47 cents, or 2.2%, to $20.74.
The gold sector helped limit declines, as Barrick Gold eked up three cents to $16.50.
ON BAYSTREET
The TSX Venture Exchange toppled 12.94 points to 896.35
All but one of the 14 Toronto subgroups were lower, as industrials and energy stocks each slid 2.1%, and global base metals were off 1.6%.
Gold was the lone holdout, gaining 0.05%.
ON WALLSTREET
U.S. stock investors continued their selling ways this week, pushing prices lower in early trading.
Wednesday’s slide stemmed from down beat employment and manufacturing data for September, which although points to positive momentum for the U.S. economy, continued to fuel worries that the Federal Reserve may raise interest rates sooner than later.
The Dow Jones Industrials fell 238.19 points, or 1.4%, to 16,804.71.
The S&P 500 slipped 26.13 points to 1,946.16. The NASDAQ index tumbled 71.3 points to 4,422.09.
Monthly sales reports from auto makers rolled in.
Ford Motor Co. September sales dropped 3% and shares fell 1%. General Motors sales rose 19.4%, but shares were flat.
Tekmira Pharmaceuticals Corp. surged 18% after the Centers for Disease Control and Prevention confirmed the first known Ebola case diagnosed in the U.S.
Other companies working on treatments for the deadly virus also were active in early trading: BioCryst Pharmaceuticals rose 2.7%, Sarepta Therapeutics Inc. rose 3.4%.
Economically speaking, private employers in the States added 213,000 new jobs in September and many view the report as a proxy for the non-farm payrolls data due on Friday. Investors await readings on manufacturing, and car-sales numbers.
Manufacturing in the U.S. is still expanding, albeit slightly slower. Both PMI and ISM indexes ticked down, however indicated growth.
Prices for 10-year U.S. Treasuries hiked, lowering yields to 2.40% from Tuesday’s 2.51%. Treasury prices and yields move in opposite directions.
Oil prices lost 29 cents to $90.85 U.S. a barrel.
Gold prices gained four dollars to $1,215.60 U.S. an ounce.
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