Canada's main stock index fell on Wednesday as lower oil prices weighed on the shares of energy companies and financials lost ground, offsetting gains for mining stocks as gold rose on U.S. election uncertainty.
The S&P/TSX Composite dropped 83.92 points to greet noon at 14,694.40
The Canadian dollar forged upward 0.01 cents to 74.71 cents U.S.
The most influential movers on the index included some of its major energy pipeline companies. TransCanada Corp fell 4.7% to $57.72 and Enbridge Inc declined 2.9% to $55.80
Valeant Pharmaceuticals International Inc fell 5.9% to $29.34. The drug maker said it is in talks with third parties to sell its Salix stomach-drug business and other assets.
Goldcorp rose 3.6% to $21.54, while Barrick Gold climbed 2.7% to $25.32.
Canadian uranium producer Cameco Corp reported a better-than-expected quarterly profit, largely helped by a jump in uranium sales volumes. Its shares jumped 5.3% to $10.48.
ON BAYSTREET
The TSX Venture Exchange moved into the red 0.27 points to 779.29
All but three of the 12 TSX subgroups were lower, with health-care ailing 2.2%, energy down 1.2%, and real-estate falling 1.1%.
The three gainers were gold, up 1.8%, materials, up 1%, and consumer discretionary plays, eking up 0.1%.
ON WALLSTREET
U.S. stocks traded lower on Wednesday as investors zeroed in on the conclusion of a Federal Reserve meeting while keeping an eye on the latest presidential election developments.
The Dow Jones Industrials skidded 26.92 points to pause for lunch hour at 18,010.18, with Chevron leading decliners and Intel the top advancer.
The S&P 500 burrowed lower 7.17 points at 2,104.55, with utilities leading nine sectors lower and health-care and materials the only risers.
The NASDAQ composite index dropped 19.58 points to 5,133.99.
Meanwhile, earnings season continued on Wednesday, with Alibaba and Time Warner, among others, posting quarterly results.
The central bank is scheduled to release its statement on monetary policy at 2 p.m. ET. While the Fed is largely expected to keep monetary policy stable this time, investors will listen for clues about a possible rate hike in December.
In economic news, ADP said the U.S. economy created fewer jobs than expected in October, adding 147,000 jobs. ADP's report serves as a preview for the government's monthly non-farm payrolls report, slated for release Friday morning.
U.S. crude prices fell hard after the American Petroleum Institute reported a build in inventories of more than nine million barrels.
Prices for the 10-year Treasury gained ground, lowering yields to 1.8% from Tuesday’s 1.83%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.42 to $45.25 U.S. a barrel
Gold prices hiked $17.90 to $1,305.90 U.S. an ounce.
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