Canadian stocks fell on Tuesday, as bombings in Brussels fueled demand for haven assets from gold to Treasuries.
The S&P/TSX Composite Index fell 67.6 points to close Tuesday’s trading at 13,493.49
The Canadian dollar gained 0.41 cents to 76.74 cents U.S.
Valeant Phartmaceuticals added $3.55, or 9.4%, to $41.45, extending gains a second day. The drug maker surged yesterday after shaking up its senior leadership, including the ouster of CEO Michael Pearson and billionaire investor Bill Ackman joining the board. Briefly the largest company in Canada by market capitalization last year, Valeant has lost almost 90% of its value from an August peak.
Veresen Inc. surged 62 cents, or 7.2%, to $9.27, headed for the highest close this year, after the energy infrastructure company has agreed to a deal with Jera Co. to sell at least 1.5 million tonnes a year of natural gas liquefaction capacity at Veresen’s Jordan Cove LNG facility in Oregon.
Among mining and materials concerns, Barrick Gold decreased in price 30 cents, or 1.6%, to $18.91, while Lake Shore Gold gave back two cents to $2.13. Potash Corporation of Saskatchewan got bruised $1.13, or 4.6%, to $23.64.
The death toll is at least 30 people in attacks on Brussels airport and a rush-hour metro train in the Belgian capital on Tuesday, according to media outlets, triggering security alerts across Europe and bringing some cross-border traffic to a halt.
Back home, federal Finance Minister Bill Morneau has promised stimulus spending to boost economic growth when he delivers his first budget since the Trudeau government came to power last fall, immediately after the markets close Tuesday.
ON BAYSTREET
The TSX Venture Exchange gained 1.47 points to 583.88
Eight of the 13 TSX subgroups lost ground, with materials surrendering 1.2%, real-estate down 0.8%, and gold off 0.7%.
The five gainers were led by utilities, up 0.7%, health-care, up ahead 0.5%, and energy, better 0.2%.
ON WALLSTREET
U.S. stocks closed mixed Tuesday after opening lower amid news of explosions in Belgium's capital that killed dozens of people at the airport and metro system.
The Dow Jones Industrials fell 41.3 points to 17,582.57. UnitedHealth and Apple proved the biggest gainers in the Dow, while Goldman Sachs and American Express declined the most.
The S&P 500 shed 2.22 points to 2,049.38. Health-care temporarily traded more than 1% higher to lead S&P 500 advancers, while consumer staples led decliners
The NASDAQ index gained 12.79 points to 4,821.66, as Apple gained more than 0.5%.
Among Dow transport stocks, Union Pacific, American Airlines and Delta Air Lines trading more than 1% lower to lead decliners. Norfolk Southern and JetBlue were among the only advancers.
In U.S. economic news, domestic home prices rose 0.5% in January on a seasonally-adjusted basis from the previous month, according to FHFA. House prices were up 6% from January 2015 to January 2016.
Markit's flash U.S. manufacturing PMI was 51.4.
Prices for the 10-year Treasury lost ground, raising yields to 1.94% from Friday’s 1.92%. Treasury prices and yields move in opposite directions.
Oil prices settled nine cents a barrel to $41.43 U.S.
Gold prices held onto gains of $4.71 to $1,252.61 U.S. an ounce.
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