Stocks in Toronto were punished Wednesday, as less-than-stellar performances by gold and base metal plays proved too much to overcome.
The S&P/TSX Composite Index dropped 114.01 points to close Wednesday at 13,379.48
The Canadian dollar plummeted 91 cents to 75.75 cents U.S.
First Quantum Minerals had particular trouble getting untracked and lost $1.35, or 16.3%, to $6.92, while Teck Resources shed $1.49, or 13.4%, to $9.65.
Among gold plays, Barrick Gold slid $1.37, or 7.2%, to $17.54, while Goldcorp faltered $1.26, or 5.8%, to $20.37.
Some bright spots were found in the consumer staples sector, as Village Farms International gained three cents, or 2.2%, to $1.38, while Premium Brands Holdings took on $1.21, or 2.3%, to $53.26.
ON BAYSTREET
The TSX Venture Exchange erased 6.78 points, or 1.2%, to 576.90
All but two of the 13 TSX subgroups were negative on the day, as metals and mining stumbled 10.9%, gold stocks were off 5.1%, and materials wilted 4.5%.
The two gainers were consumer staples, gaining 0.9%, as information technology fought its way up 0.2%.
ON WALLSTREET
Equities in the U.S’s biggest centre closed lower Wednesday with energy stocks leading declines as oil settled back below $40.00 a barrel.
The Dow Jones Industrials skidded 79.98 points to 17,502.59.
The S&P 500 shed 11.87 points to 2,037,93. Energy fell 2% in afternoon trade to lead S&P 500 decliners.
The NASDAQ index tumbled 52.8 points to 4,768.86, as Gilead Sciences traded more than 3.5% lower, and Apple also turned lower.
Gilead Sciences lost a patent battle with Merck on Tuesday, with thejury upholding the validity of two Merck patents in a high-profile dispute over Gilead's hepatitis C drugs. Damages are still to be determined.
Nike "just didn’t do it". The sporting goods whiz was off about 3.5% after briefly falling more than 5% in morning trade following earnings late Tuesday that beat expectations, though revenue missed.
UnitedHealth was the top gainers among the Dow 30.
In other corporate news, the California Department of Insurance approved health insurer Centene's planned merger with Health Net.
General Mills reported ex-items earnings of 65 cents per share, three cents above estimates, while net sales fell 8% to $4 billion U.S. for a third-straight quarterly decline as the strong dollar and weak U.S. demand weighed. The stock was up more than 0.5% in afternoon trade.
In economic news, new home sales stateside rose 2% in February to a seasonally-adjusted annual rate of 512,000 units.
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 sharply, lowering yields to 1.88% from Tuesday’s 1.94%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.74 a barrel to $39.71 U.S.
Gold prices stayed negative $28.21 to $1,217.23 U.S. an ounce.
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