Stocks in Canada’s largest centre dropped off, including slippage in financial sector stocks as risk appetite worsened and weak Canadian trade data dampened optimism that the economy was gaining momentum at the start of the year.
The S&P/TSX Composite Index fell 65.52 points to begin Tuesday trading at 13,270.63
The Canadian dollar sank 0.71 cents to 75.7 cents U.S.
Hudson's Bay Co reported a smaller-than-expected quarterly profit as expenses soared and sales at established Saks Fifth Avenue stores dropped.
Shares in the Bay gained 45 cents, or 2.4%, to $19.00
Valeant Pharmaceuticals International will cut its sales force for Addyi, a treatment aimed at female sexual dysfunction, as well as some employees who sell dermatology products.
Valeant shares $2.56, or 7.5%, to $36.89.
Barclays reinstates Shaw Communications with equal-weight rating, and $26.00 target.
Shaw shares dropped 20 cents to $24.81.
Moreover, Barclays reinstates Corus Entertainment with underweight rating and $11.00 target.
Corus shares fell nine cents to $11.83.
NBF resumes coverage on Enercare Inc. with an outperform rating and $18.50 price target.
Enercare shed seven cents a share to $15.29.
On the economic front, our international merchandise trade deficit with the world widened from $628 million in January to $1.9 billion in February, according to Statistics Canada.
The agency went on to say Canada's exports fell 5.4% to $43.7 billion in February, after reaching a record high in January. Export prices decreased 3.2% and volumes were down 2.2%. Imports declined 2.6% to $45.6 billion, as prices were down 1.4% and volumes decreased 1.2%.
ON BAYSTREET
The TSX Venture Exchange gathered 2.4 points to 585.15
All but three of the 13 TSX subgroups were lower, primarily metals and mining, down 1.3%, utilities, off 1%, and financials, skidding 0.9%.
The three gainers were gold, up 4.3%, materials, improving 1.8%, and health-care, up 0.2%.
ON WALLSTREET
U.S. stocks traded lower Tuesday, following declines in developed markets on soft data, as investors continued to eye oil prices.
The Dow Jones Industrials fell 31.16 points to start the day at 17,705.84, with Cisco leading decliners and Johnson & Johnson and Procter & Gamble the only advancers.
The S&P 500 docked 19.19 points to 2,046.94, with financials among the greatest declining sectors.
The NASDAQ index slid 21.9 points to 4,869.9.
On the economic front, the Institute for Supply Management non-manufacturing Purchasing Managers Index came in at 54.5, up from February's 53.4 print. The U.S. Markit services PMI for March came in at 51.3, up from 49.7 in February.
Prices for the 10-year Treasury gained sharply, lowering yields back to 1.73% from Monday’s 1.77%. Treasury prices and yields move in opposite directions.
Oil prices loosened two cents a barrel to $35.68 U.S.
Gold prices spiked $14.97 to $1,230.40 U.S. an ounce.
Related Stories
