Stocks in Toronto slid once again, amid uncertainty over less-than-favourable macroeconomic tidings.
The S&P/TSX composite index dipped 57.08 points to open Tuesday at 14,686.04
The Canadian dollar tailed off 0.25 cents at 89.85 cents U.S.
Malaysian state-owned energy company Petronas said on Monday it could delay its planned $11-billion liquefied natural gas plant on Canada's Pacific Coast by up to 15 years unless it can reach a favourable tax deal by month's end.
Lundin Mining will buy Freeport-McMoRan's 80% stake in the Candelaria copper mining operation in Chile for at least $1.8 billion, more than doubling its copper output. Moreover, Raymond James raised the rating on Lundin Mining to strong buy from outperform. Lundin shares ditched 16 cents to $5.17.
CIBC raised the rating on Fortuna Silver Mines to outperform from sector performer. Fortuna eked up seven cents to $4.37.
NBF raised the rating on Postmedia Network to sector perform from underperform. Postmedia shares were static at $1.48.
Economically speaking, Statistics Canada reported this morning that the total value of building permits issued by Canadian municipalities fell 27.3% to $6.7 billion in August, following three months of double-digit increases.
The agency says the August decline was mainly the result of lower construction intentions for non-residential buildings in Quebec and residential buildings in Ontario.
ON BAYSTREET
The TSX Venture Exchange dipped 2.28 points to 865.70.
All but four of the 14 Toronto subgroups were lower, with health-care 1% less hale, industrials weaker by 0.8%, and global base metals letting go of 0.7% of their strength.
The four gainers were led by consumer discretionaries and real-estate, each inching up 0.1%, while utilities eked up 0.03%.
ON WALLSTREET
The U.S. stock market fell on Tuesday, sending the Dow Jones Industrial Average to a triple-digit loss in early trading.
The Dow Jones Industrials plummeted 122.28 points to 16,869.63.
The S&P 500 stumbled 11.25 points to 1,953.57. The NASDAQ index dumped 26 points to 4,428.80.
Yum! Brands Inc. will report quarterly results after the close Tuesday, but the third-quarter earnings season won’t be in full swing until next week. Alcoa Inc. will report Wednesday.
Tuesday’s light data schedule includes August job openings this morning and August consumer credit this afternoon.
SodaStream International Inc. shares sank 18% in heavy volume ahead of the bell, hit hard as the carbonated-drinks equipment maker warned of a quarterly-sales shortfall.
The Container Store Inc. shares fell 14% pre-market, extending their slide late Monday after the storage-organization retailer cut its profit and sales view.
Women’s clothing retailer Christopher & Banks Corp. forecast quarterly sales below Wall Street’s estimate, sending shares down 23%.
Agco Corp shares stumbled 6.6% as the agricultural-equipment company cut its profit outlook for the year because of weaker-than-expected demand.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.39% from Monday’s 2.42%. Treasury prices and yields move in opposite directions.
Oil prices were down 82 cents to $89.52 U.S. a barrel.
Gold prices acquired $4.30 to $1,211.60 U.S. an ounce.
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