Equity markets fell in Toronto early Wednesday, pulling back from a two-month high the day before as lower oil prices pressured energy stocks, while shares of Home Capital Group slumped after the company announced a credit line agreement.
The S&P/TSX Composite Index slumped 14.72 points in the first hour of trading to 15,730.47
The Canadian dollar docked 0.07 cents at 73.60 cents U.S.
Home Capital shares plummeted $10.29, or 60.2%, to $6.80.
Cenovus Energy reported a smaller-than-expected quarterly loss as operating costs fell, while oil sands production rose.
Cenovus shares fell 15 cents, or 1.1%, to $14.11.
Barrick Gold gave details on Tuesday of $500 million worth of improvements and expansions it is planning at its Veladero mine in Argentina over the next five years, on a day when its stock price sank 11% on disappointing earnings.
Barrick shares gained 21 cents to $23.10.
RBC raised the target price on AG Growth International to $60.00 from $58.00. AG shares took on 32 cents to $53.81.
CIBC raised the price target on Metro Inc. to $48.00 from $43.00. Metro shares vaulted 91 cents, or 2%, to $46.09.
CIBC raised the target price on Parex Resources to $21.50 from $18.50. Parex shares each hiked six cents to $17.43.
On matters macroeconomic, Statistics Canada reported retail sales declined 0.6% to $47.8 billion in February, this, after a 2.3% increase in January. The agency says sales were down in five of 11 sub-sectors, representing 67% of total retail sales.
ON BAYSTREET
The TSX Venture Exchange poked up 0.74 points to 805.13
Six of the 12 TSX subgroups were lower, as real-estate and consumer discretionary shares each shed 0.6%, and energy backpedaled 0.3%.
The five gainers were led by consumer staples, up 0.5%, materials, improving 0.4%, and industrials, ahead 0.3%. Information technology shares were unchanged soon after the opening bell.
ON WALLSTREET
U.S. equities were mixed on Wednesday as investors eagerly awaited President Donald Trump's outline for tax reform, while earnings season continued.
The Dow Jones Industrial Average gained 26.61 points to 21,022.73, with Goldman Sachs contributing the most gains.
The S&P 500 added 2.6 points to 2,391.21, with health-care leading advancers.
The NASDAQ Composite stepped back from its all-time high, losing 0.03 points to 6,025.47
Earnings season carried on, with PepsiCo, United Technologies, Procter & Gamble and Twitter all posted a better-than-expected profit. Twitter's stock popped about 10% in the pre-market after reporting.
On a trading day without specific macroeconomic figures, attention turns to the White House, where U.S. Treasury Secretary Steven Mnuchin confirmed the administration's outline will call for a 15% corporate tax rate.
Expectations for lower corporate taxes have spurred stocks ever since Trump was elected in November. Still, the Trump White House has failed to provide specifics on what these tax cuts might look like.
Trump will also be outlining his tax reform vision ahead of a potential government shutdown. Government funding will end Friday unless Congress can agree on at least a temporary funding resolution.
Prices for the benchmark 10-year Treasury note were unchanged, keeping yields at Tuesday’s 2.33%.
Oil prices gave back 40 cents at $49.16 U.S. a barrel
Gold prices slid $3.20 at $1,264.00 U.S. an ounce.
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