Stock markets in Toronto opened sharply lower on Thursday, extending its losses for a third straight day and tracking foreign markets worried about global growth.
The S&P/TSX composite index opened off 116.82 points to 13,266.87
The Canadian dollar moved lower 0.34 cents at 74.73 cents U.S.
Calfrac Well Services slashed its quarterly dividend for the second time in three months, citing weak demand and pricing for oilfield services amid a slump in crude oil prices.
The oilfield services provider also suspended its dividend reinvestment plan for common shares, the company said in a statement on Thursday Calfrac cut its dividend to 1.56 cents per share. It had halved its quarterly dividend to 6.25 cents in June.
Calfrac shares slid 17 cents, or 4.4%, to $3.71.
Enbridge Inc on Wednesday said it is rationing space on its Ozark crude oil pipeline for October, and its Spearhead pipeline for October and November. The company said its 222,604 barrels per day (bpd) Ozark oil pipeline, with an estimated running from the U.S. crude futures hub in Oklahoma to southern Illinois, would be apportioned at 57.9% for October.
Enbridge shares stumbled 64 cents, or 1.2%, to $51.07
Goldman Sachs cut the target price on First Quantum Minerals to $6.00 from $12.60 saying that thermal coal demand is going ex-growth sooner due to regulatory headwinds.
First Quantum demurred 28 cents, or 5.1%, to $5.27.
ON BAYSTREET
The TSX Venture Exchange eased 0.67 points to 544.54
ON WALLSTREET
U.S. stocks traded more than 1% lower Thursday, pressured by declines in global markets, as investors awaited a post-close speech from Fed Chair Janet Yellen.
The Dow Jones industrial average tumbled 187.97 points, or 1.2%, to 16,091.92. Caterpillar was the greatest weight on the index, briefly declining more than 7% on news the firm will cut up to 5,000 jobs and lowered guidance.
The S&P 500 wilted 22.04 points to 1,916.72
The NASDAQ index fell 55.4 points to 4,697.34, joining the other major averages in negative territory for 2015.
Apple fell nearly 1%.
On the earnings front, Accenture reported quarterly profit of $1.15 U.S. per share, beating estimates by three cents, with revenue also above forecasts.
Nike, Bed Bath & Beyond, Jabil Circuit and Pier 1 Imports are all expected to come after the bell.
The Fed Chair speaks on inflation at a 5 p.m., ET, speech at the University of Massachusetts, where the audience will not be able to ask questions.
In morning U.S. economic news, durable goods showed a decline of 2%. Weekly jobless claims came in at 267,000.
August new home sales came in at 552,000.
Major European stock indices were more than 1.5% lower as investors continued to digest the Volkswagen emissions test scandal.
Prices for 10-year U.S. Treasuries sparked, lowering yields to 2.09% from Wednesday’s 2.15%. Treasury prices and yields move in opposite directions.
Oil prices were down 21 cents a barrel to $44.27 U.S.
Gold prices hiked $15.30 to $1,146.80 U.S. an ounce.
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