Stocks in Canada’s biggest market slipped in morning trading on Tuesday, with a fall in crude oil prices weighing on energy shares while sharp gains for a drug maker and a waste management company offset broader weakness.
The S&P/TSX composite index dropped 45.22 points to greet noon at 12,881.93
The Canadian dollar fell 0.21 cents to 71.47 cents U.S.
Valeant Pharmaceuticals International rose 3.7% to $142.35, recovering after an activist investor last week said he had sold five million shares of the company to generate a tax loss.
Shares of Progressive Waste Solutions advanced 6.1% to $34.38 after the waste management company said it was exploring strategic options.
Energy stocks went south, like Suncor Energy, which fell 1.6% to $34.73, while mining shares like fertilizer producer Potash Corp. declined 2.4% to $23.61.
On the economic front, Statistics Canada reported this morning that its industrial product price index declined 0.2% in November, mainly as a result of lower prices for primary non-ferrous metal products.
The agency’s raw materials price index fell 4% in the same month, led by lower prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange inched up 0.26 points to 525.51
Eight of the 13 TSX subgroups had gone negative by noon hour, as consumer discretionary stocks slid 1.2%, while materials and industrials each fell 0.7%.
The five gainers were led by health-care, up 3%, metals and mining, vaulting 1.3%, and utilities, positive by 0.4%.
ON WALLSTREET
U.S. stocks traded in a range Tuesday, attempting to steady after a sharply lower start to the year, as a decline in oil prices weighed.
The Dow Jones industrial average went down 88.82 points to 17,060.12, with Wal-Mart leading advancers and American Express the greatest laggard.
The S&P 500 slipped 0.19 points to 2,012.47, with health-care leading five sectors higher and energy the greatest decliner.
The NASDAQ index fell 25.91 points to 4,877.18. Apple fell more than 2% in midday trade after a report from the Nikkei Asian Review said the iPhone maker is expected to cut output of the latest iPhones.
Auto sales are due throughout the day. The key economic report for the week, after Monday's sub-50 manufacturing Institute for Supply Management print, is the jobs report expected Friday. Fed minutes are also due Wednesday afternoon.
Prices for the 10-year Treasury were slightly higher, lowering yields to 2.23% from Monday’s 2.24%. Treasury prices and yields move in opposite directions.
Oil prices sank 52 cents a barrel to $36.24 U.S.
Gold prices grew $4.65 to $1,079.26 U.S. an ounce.
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