Equities in Canada’s biggest centre fell on Wednesday as lower commodity prices weighed on energy and mining stocks
The S&P/TSX Composite Index dropped 49.18 points after Tuesday’s decline, to open Wednesday’s trading at 13,444.31
The Canadian dollar tumbled 0.69 cents to 75.97 cents U.S.
The launch customer for Bombardier's new CSeries jetliner, Swiss International Air Lines, said on Wednesday it was confident of receiving the jet by June and that it planned to begin services in the third quarter.
Bombardier shares were grounded six cents, or 4.3%, to $1.33.
Canaccord Genuity increased the target price on Precision Drilling to $6.50 from $4.25. Precision shares poked ahead four cents to $5.74.
Gold stocks took it on the chin in the first hour, particularly Barrick Gold, slumping $1.19, or 6.3%, to $17.73, while Goldcorp hurtled earthward $1.24, or 5.7%, to $20.39.
Base-metals issues also had a rough go of it, especially Teck Resources, decreasing 58 cents, or 5.2%, to $10.56. First Quantum shares were bruised, too, losing 55 cents, or 6.7%, to $7.72.
ON BAYSTREET
The TSX Venture Exchange erased 4.31 points to 579.57
Eight of the 13 TSX subgroups were negative, weighed most by gold, down 5.2%, metals and mining, declining 4%, and materials, sinking 3.6%.
The five gainers were led by consumer staples, up 0.4%, information technology, up 0.3%, and real-estate, up 0.2%.
ON WALLSTREET
U.S. stocks traded lower Wednesday, with energy stocks leading declines as traders eyed low oil prices and dollar strength.
The Dow Jones Industrials fell 19.64 points to 17,562.93. Nike was the biggest loser on the Dow, falling more than 5% in morning trade after reporting earnings late Tuesday that beat on revenue that missed.
The S&P 500 shed 6.32 points to 2,043.48. Energy and materials traded more than 1% lower to lead the index’s decliners
The NASDAQ index fell 22.36 points to 4,799.30
In economic news, new home sales rose 2% in February to a seasonally annual rate of 512,000 units. New single-family home sales surged in the West, but fell sharply in the Northeast, Midwest and South.
Weekly mortgage application volume decreased 3.3% on a seasonally adjusted basis, according to the Mortgage Bankers Association.
Prices for the 10-year Treasury gained, lowering yields to 1.92% from Tuesday’s 1.94%. Treasury prices and yields move in opposite directions.
Oil prices dropped 75 cents a barrel to $40.70 U.S.
Gold prices skidded $31.09 to $1,217.23 U.S. an ounce.
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