Equity markets in Canada’s largest centre as lower commodity prices weighed on energy and mining stocks, but holding near three-month highs.
The S&P/TSX Composite Index faded 46.01 points to 13,337.59, threatening the index’s eight-session win streak.
The Canadian dollar reversed 0.57 cents to 74.72 cents U.S.
Enercare Inc said its unit agreed to buy U.S-based SEHAC Holdings Corp (Service Experts Heating & Air Conditioning) for $340.8 million U.S., excluding transaction costs, to expand in North America.
Enercare weakened 57 cents, or 3.5%, to $15.37.
A major Canadian securities regulator on Monday ruled that Corus Entertainment Inc need not disclose more details of its $2.65-billion proposal to buy media assets from Shaw Communications Inc, meaning a shareholder vote due on Wednesday could proceed.
Corus shares were static at $10.48.
UBS raised the target price on Canadian Pacific Railway to $196.00 from $178.00, with a buy rating.
CP shares doffed $1.47 to $173.39.
Canaccord Genuity upped the target price on Raging River Exploration to $11 from $10.50, with a buy rating.
Raging River shares took on 13 cents, or 1.4%, to $9.54.
Canaccord Genuity initiated coverage on Sabina Gold and Silver Corp. with a speculative buy rating.
Sabina shares dipped four cents, or 3.9%, to $1.00.
On the economic slate, exports from China tumbled 25.4% in February, compared with the same month last year, while her imports dropped 13.8%.
Closer to home, Statistics Canada reported Tuesday morning that municipalities issued building permits worth $6.4 billion in January, down 9.8% from the previous month.
The agency attributes this decline to lower construction intentions for multi-family dwellings in British Columbia and Ontario and, to a lesser extent, institutional buildings in Quebec and Alberta.
At the same time, Canada Mortgage and Housing Corporation reported that the seasonally-adjusted annualized rate of housing starts rose to 212,594 units in February from a downwardly-revised 165,071 units in January. Forecasters had expected 180,000 starts.
ON BAYSTREET
The TSX Venture Exchange picked up 2.34 points to 571.44
Seven of the 13 TSX subgroups were higher, with telecoms leading the way up 0.9%, consumer staples better by 0.5%, and financials, better 0.2%.
The half-dozen laggards were dragged down by metals and mining, down 7.2%, energy, 2.1% less energetic, and materials weaker 1.4%.
ON WALLSTREET
Stateside stocks traded lower Tuesday after weaker-than-expected Chinese trade data renewed concerns about global growth.
The Dow Jones Industrial average slid 101.63 points to 16,972.32, with Caterpillar the greatest decliner and Home Depot leading a few advancers.
The S&P 500 docked 13.25 points to 1,988.51, with energy leading all 10 sectors lower.
The NASDAQ index fell 35.05 points to 4,673.20
China's exports fell 25.4% year-over-year in February, more than expected and the largest since May 2009. The trade surplus was at $32.59 billion U.S. in February, versus analysts' expectations of a $50.15-billion U.S. surplus.
Analysts largely attributed the sharp drop in the data to a slowdown in business activity around the early February Lunar New Year holidays. Exports for the first two months of the year were still down 17.8% and imports off 16.7% from the same period last year.
The data also showed China's February crude oil imports jumped 20% on year to their highest ever on a daily basis, driven by import quotas and stockpiling.
Prices for the 10-year Treasury gained sharply, lowering yields to 1.82% from Monday’s 1.91%. Treasury prices and yields move in opposite directions.
Oil prices lost 52 cents a barrel to $37.38 U.S.
Gold prices added seven cents to $1,267.40 U.S. an ounce.
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