Equities in Canada’s biggest market fell on Tuesday as lower oil prices weighed on energy and Valeant Pharmaceuticals International reported adjusted profit that missed estimates, while investors awaited the outcome of the U.S. presidential election.
The S&P/TSX Composite ducked back 14.05 points to open Tuesday at 14,638.40
The Canadian dollar gained 0.01 cents to 74.84 cents U.S.
Valeant Pharmaceuticals International reported a smaller-than-expected quarterly profit due to faltering sales of its dermatology products and irritable bowel syndrome drug, and the company cut its full -year profit and revenue forecasts.
Valeant shares dropped $5.53, or 21.7%, to begin trading at $19.98.
Dominion Diamond said on Monday it would relocate its head office to Calgary, in a move that would slash about 100 jobs and help the Canadian diamond producer save around $19 million a year.
Dominion shares faded 12 cents, or 1.1%, to $11.33.
CIBC raised the target price on Cargojet Inc. to $51 from $48, saying the company continues to see improving operating leverage and benefits from a strong competitive moat.
Cargojet gained eight cents to $46.87.
CIBC cut the target price on Fortuna Silver Mines to $12.5 from $13 to reflect the lower spot silver price.
Fortuna shares gained 18 cents, or 2%, to $9.42.
CIBC cut the target price on Western Forest Products to $2.25 from $2.50, citing cedar pricing uncertainty.
Western shares eased one cent to $1.95.
On the economic front, Statistics Canada revealed municipalities issued $6.9 billion worth of building permits in September, down 7.0% from August.
Quebec, British Columbia and Ontario recorded the largest declines. The overall decrease was attributable to lower construction intentions for non-residential buildings, led by commercial structures.
Canada Mortgage and Housing Corp. reported seasonally adjusted annual rate of housing starts fell to 192,928 units in October, down from 219,363 units in September.
The agency also says the drop came as the seasonally adjusted annual rate of urban starts fell 12.1% in October to 176,131 units. Rural starts were estimated at a seasonally adjusted annual rate of 16,797 units.
ON BAYSTREET
The TSX Venture Exchange was eked higher 0.96 points to 758.83
Seven of the 12 TSX subgroups were higher, as materials picked up 0.6%, gold increased 0.5%, and telecoms added 0.4%.
The five laggards were weighed most by a 5.4% decline in health-care, while industrials slumped 0.6%, and energy faded 0.4%.
ON WALLSTREET
U.S. equities fell on Tuesday, as investors held their breath waiting for the results of the presidential election.
The Dow Jones Industrials fell 41.88 points to begin Tuesday at 18,217.72, after a surge of 350 points Monday. Goldman Sachs contributed the most losses.
The S&P 500 eased 6.4 points at 2,125.12, with health-care leading decliners
The NASDAQ composite index weakened 15.24 points to 5,150.93
Financial markets around the world had been pricing in a victory for Democratic nominee Hillary Clinton over her Republican counterpart, Donald Trump.
The economic calendar remains light Tuesday, with the September job openings and labour turnover survey (JOLTS) showing job openings were little changed at 5.5 million, with hirings down to 5.1 million.
Prices for the 10-year Treasury gained strength, lowering yields to 1.82% from Monday’s 1.83%. Treasury prices and yields move in opposite directions.
Oil prices let go of 45 cents to $44.44 U.S. a barrel
Gold prices gained $3.60 to $1,283 U.S. an ounce.
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