Equities in Toronto fell on Tuesday in tandem with global markets rattled by fresh tensions over North Korea after the reclusive state fired a ballistic missile over northern Japan into the sea.
The S&P/TSX Composite Index moved closer to breakeven, but still negative 35.78 points to greet noon at 15,016.25
The Canadian dollar took on 0.03 cents to 79.89 cents U.S.
Canada’s top banks had the biggest impact on the index’s declines, with Bank of Montreal sliding 2% to $90.56, and Bank of Nova Scotia declining 0.6% to $76.73. The retreat came even as both banks reported third- quarter profit that beat forecasts
Energy stocks were also a big drag on the index, hurt by lower oil prices which extended Monday’s declines on concerns over rising crude inventories due to the fallout from Harvey, a hurricane downgraded to a tropical storm.
Enbridge was down 1.1% to $49.33, while Encana was down 1.3% to $11.12.
Agnico Eagle Mines increased 2.5% to $63.56, and Barrick Gold was up 1% to $22.26.
Prometic Life Sciences was another bright spot, soaring 23.3% to $1.48 after it said the U.S. Food and Drug Administration granted the company a rare pediatric disease designation for its plasminogen replacement therapy.
On the economic schedule, Statistics Canada reported that its industrial product price index declined 1.5% in July, mainly due to lower prices for motorized and recreational vehicles, while its raw materials price was down 0.6% in the same month, mostly attributable to lower prices for metal ores, concentrates and scrap.
ON BAYSTREET
The TSX Venture Exchange hung onto gains of 0.32 points to 777.43.
The 12 TSX subgroups were evenly divided between gainers and losers, as gold shone 1.1% brighter, materials soared 0.8%, and industrials eked higher 0.4%.
The half-dozen laggards were weighed most by energy, down 0.7%, financials dipped 0.6%, and consumer discretionary stocks, sliding 0.4%
ON WALLSTREET
Stocks regained their footing on Tuesday as investors evaluated the tension between the U.S. and North Korea, following a launch early Tuesday of a missile by Pyongyang.
The Dow Jones Industrials moved into the green 6.28 points to 21,814.68
The S&P 500 dipped 2.86 points to 2,441.36, with materials and financials leading decliners.
The NASDAQ moved higher 6.54 points to 6,289.51, after Apple hit a record high.
A South Korean military official told the media that a missile was fired around 6:00 a.m. local time on Tuesday. The official said that the missile flew for about 2,700 kilometres, reaching a maximum altitude of 550 kilometres.
In economic news, the S&P CoreLogic Case-Shiller home price index rose slightly from May to June. Consumer confidence hit 122.9 in August, higher than the expected number of 120.3.
Prices for the benchmark 10-year Treasury note were up, lowering yields to 2.13% from Monday’s 2.16%. Treasury prices and yields move in opposite directions.
Oil prices backtracked 60 cents to $45.97 U.S. a barrel
Gold prices remained positive $6.90 to $1,322.20 U.S. an ounce.
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