Toronto’s major stock index recovered slighly from its lowest point in four weeks on Wednesday after the World Bank cut its global economic growth forecasts for this year and next, weighing on shares of most major sectors.
The S&P/TSX composite index recovers from its lows of the day, but remained negative 102.73 points, to close at 14,084.43.
The Canadian dollar eked higher 0.10 cents to 83.72 cents U.S.
The TSX has declined in each of the last four sessions and is down about 4% since the start of the year.
The World Bank said it lowered its projections due to disappointing economic prospects in the euro-zone, Japan and some major emerging economies.
Some mining shares were also hit hard by a dive in copper prices. First Quantum Minerals shed $1.87, or 13.9% to $11.60 and Teck Resources tumbled 91 cents, or 6.2%, to $13.75.
Financials doffed some of their strength, as Toronto-Dominion Bank lost $1.39, or 2.7%, to $50.56, and Royal Bank of Canada declined 97 cents, or 1.3%, to $75.73.
Even with oil prices staying under pressure, shares of energy producers advanced, as Suncor Energy picked up four cents to $34.85, and Canadian Natural Resources grew 81 cents, 2.5%, at $32.75.
ON BAYSTREET
The TSX Venture Exchange slid 10.96 points to 659.69
All but three of the 14 Toronto subgroups were lower, as metals and mining shed 9%, global base metals faded 5.6%, and materials slid 2.7%.
The three gainers were energy, up 2.2%, information technology, gaining 0.7%, and utilities, 0.4% to the good.
ON WALLSTREET
U.S. stocks fell sharply on Wednesday, continuing losses into a fourth day, as December retail sales failed to live up to expectations and investors worried about global economic growth.
The Dow Jones Industrials dropped 186.59 points, off its lows of the day, but still off 1.1%, to 17,427.09
The S&P 500 slumped 11.76 points to 2,011.27, with financials weighing the most among its 10 major industries, all but one of which were in decline.
The NASDAQ index skidded 22.18 points to 4,639.32.
JPMorgan Chase dropped in early New York trading after reporting a decline in fourth-quarter profit.
Moreover, Wells Fargo also fell after the mortgage lender posted results in line with expectations.
Stocks came off session lows as crude reversed higher and after the release of the Federal Reserve's Beige Book, which had central bankers expressing hopes for better U.S. growth.
The ongoing decline in the price of crude extended to metals, with the price of copper stumbling as the World Bank reduced its global growth forecast, pointing to soft expansion in Europe and China.
On the economic beat, the U.S. Commerce Department reported retail sales slid the most in a year last month, down 0.9%.
A later economic report came in as expected, with U.S. business inventories rising 0.2% in November.
Prices for 10-year U.S. Treasuries hiked, dropping yields to 1.84% from Tuesday’s 1.89%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.17 per barrel to $48.06 U.S.
Gold prices moved backward $4.10 an ounce to $1,230.30 U.S.
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