Stocks in Toronto took a bruising on Tuesday, as gold miners' shares plunged on major shutdowns and the precious metal hit its lowest since Britain's shocking vote to leave the European Union in June.
The S&P/TSX Composite plummeted 168.12 points, or 1.1%, to close Tuesday at 14,520.92
The Canadian dollar dropped 0.41 cents to 75.81 cents U.S.
Barrick Gold, the world’s biggest gold miner, took today’s biggest thumping, losing $2.39 in price, or 10.5%, to finish the day at $20.39.
Goldcorp was roughed up, too, $1.68, or 8.1%, to $19.00
Among materials, Teck Resources faltered one dollar, or 4.2%, to $22.57, while First Quantum Minerals trailed Monday’s close 64 cents, or 6%, to $10.10.
Information technology issues sang a happier tune, though, as Constellation Software gained $4.19 to $609.00
ON BAY STREET
The TSX Venture Exchange fell 25.60 points, or 3.2%, to 766.81
All but one of the 12 TSX subgroups were negative on the day, as gold hurtled earthward 9.3%, while materials were felled 6.8%, and real-estate lost 1.4%.
The lone gainer was information technology, up 0.6%.
ON WALL STREET
U.S. stocks closed lower on Tuesday, pressured by a rising dollar, while investors digested data from the International Monetary Fund and remarks from a Federal Reserve official.
The Dow Jones Industrials shed 85.4 points to 18,168.45, with 3M leading decliners and JPMorgan Chase leading advancers.
The S&P 500 slid 10.71 points to 2,150.49, with utilities leading 10 sectors lower and financials the only advancer.
The NASDAQ Composite moved into the red 11.22 points after spending much of the day positive, to finish at 5,298.66
Investors also watched Deutsche's stock, after it sent markets around the world for a roller-coaster ride last week as worries that it would not be able to pay its massive fine weighed on investor sentiment. On Tuesday, the German banking giant's U.S.-listed shares rose more than 2%.
A German newspaper reported over the weekend that Deutsche's CEO John Cryan would be in Washington D.C. to negotiate a settlement with the U.S. government over its $14-billion fine.
Figures released by the International Monetary Fund showed overall global growth is expected to expand at 3.1% in 2016. The IMF's "World Economic Outlook", released Tuesday, also noted that that figure was unchanged from its July forecast.
But advanced economies, which include the United States, will slow this year to 1.6% growth, compared to 2.1% last year and a July IMF forecast of 1.8%.
Prices for the 10-year Treasury fell, raising yields to 1.69% from Monday’s 1.62%. Treasury prices and yields move in opposite directions.
Oil prices slid 20 cents to $48.61 U.S. a barrel
Gold prices tumbled $41.20, or 3.1%, to $1,271.50 U.S. an ounce.
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