Equities in Toronto fell on Tuesday as energy companies followed oil prices lower, with a return of global investor jitters prompting some gains for yield-paying telecom stocks and gold miners.
The S&P/TSX Composite dumped 73.63 points to greet noon at 14,185.24
The Canadian dollar continued negative 0.58 cents to 77.26 cents U.S.
Telecom companies retreated, with the country's three largest operators among the most influential gainers as investors sought out relatively stable stocks offering decent dividend yields.
Telus gained 1.3% to $42.66, BCE rose 0.8% to $61.70, and Rogers Communications Inc advanced 0.9% to $52.96.
But the index fell as the heavyweight energy group retreated, with prices for oil down on concerns that demand could be dented by slower economic growth.
Suncor Energy fell 1.4% to $36.18.
The materials group, which includes precious and base metals miners and fertilizer companies, also lost ground.
Franco Nevada Corp gained 1.2% to $100.57 and Kinross Gold added 1.6% to $7.05, even as bullion slipped from a two-year high.
First Quantum Minerals fell 4.9% to $9.39, Teck Resources declined 2.5% to $17.30, and Potash Corp lost 2.8% to $21.18.
ON BAYSTREET
The TSX Venture Exchange hesitated 0.26 points to 747.56,
Eight of the 13 subgroups were lower midday, with metals and mining down 3.1%, energy sliding 2%, and information technology subsiding 1.3%
The five gainers were led by gold, up 1.4%, while telecoms and utilities surged 1.2% each.
ON WALLSTREET
U.S. stocks traded lower Tuesday, amid record lows in the benchmark 10-year Treasury yield, as global growth concerns weighed.
The Dow Jones Industrials approached noon down 113.92 points to 17,835.45, with Goldman Sachs contributing the most to declines.
The S&P 500 weakened 16.07 points at 2,086.69. Energy traded more than 2% lower and materials and financials were off more than 1.5% as the greatest S&P 500 decliners.
The NASDAQ Composite Index slumped 48.37 points to 4,814.20, with Apple trading more than 1% lower.
Citi cut estimates for Apple's fiscal third and fourth-quarter earnings Tuesday, citing Brexit-related macroeconomic uncertainty, currency volatility and longer iPhone replacement cycles.
Factory orders declined 1% in May. The highly anticipated employment report is due Friday.
Prices for the 10-year Treasury were higher, lowering yields to a record 1.36% from Friday’s 1.45%. Treasury prices and yields move in opposite directions.
Oil prices fell $2.13 a barrel to $46.86 U.S.
Gold prices hiked $16.90 to $1,355.90 U.S. an ounce.
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