Equities in Canada’s largest centre slipped in early trade on Tuesday, as lower oil prices weighed on energy companies, and gold miners and telecom stocks offset the broader declines.
The S&P/TSX Composite dumped 71.32 points to kick off Tuesday at 14,187.55
The Canadian dollar slumped 0.66 cents to 77.18 cents U.S.
Linamar Corp will build a 2.7-billion-dirham (about $360-million Canadian) plant in Morocco to make engine parts.
Linamar shares dropped $1.02, or 2.2%, to $44.98.
Spanish drugmaker Almirall which is building up its business in skin treatments, could be interested in acquiring dermatology assets from Valeant Pharmaceuticals. Valeant is looking at divesting various products as it tries to reduce its massive debt load, with new CEO Joe Papa open to selling a range of assets if the price is right.
Valeant shares fell two cents to $26.68.
CIBC raised the target price on Gran Tierra Energy to $4.75 from $4.00 as the acquisition of PetroLatina Energy, which is expected to close by October 31.
Gran Tierra shares lost 16 cents, or 4%, to $3.88.
CIBC also raised the target price on Methanex Corp to $37.00 from $36.00 as Global demand of methanol is expected to increase from 78Mt in 2015 to 92Mt in 2018.
Methanex shares were off $1.02, or 2.7%, to $36.79.
Jean Coutu Group reports earnings this morning, expecting Q1 figures of 28 cents per share. Coutu shares skidded 57 cents, or 2.8%, to $19.50.
ON BAYSTREET
The TSX Venture Exchange hesitated 0.21 points to 747.61, after several straight days of impressive gains.
All but three of the 13 subgroups were lower to start out, with the metals and mining and energy sectors each trailing Monday’s close by 1.8%, and information technology down 0.9%.
The three gainers were gold, up 1.3%, telecoms, ahead 0.7%, and utilities, eking up 0.1%.
ON WALLSTREET
U.S. stocks traded lower Tuesday, the first trading day of the holiday-shortened week, as global growth concerns weighed.
The Dow Jones Industrials shook off a long weekend by shedding 103.61 points to begin a short week at 17,845.76, with Goldman Sachs and JPMorgan Chase contributing the most to declines.
The S&P 500 weakened 14.34 points at 2,088.61, with energy leading seven sectors lower and telecommunications the top gainer.
The NASDAQ Composite Index slumped 41.54 points to 4,821.03,
U.S. markets were shuttered Monday for Independence Day
Prices for the 10-year Treasury were higher, lowering yields to a record 1.39% from Friday’s 1.45%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.79 a barrel to $47.20 U.S.
Gold prices hiked $12.80 to $1,351.80 U.S. an ounce.
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