Equity markets in Canada’s largest centre slipped on Tuesday due to losses in financial stocks led by Bank of Nova Scotia, which reported quarterly results.
The S&P/TSX Composite Index remained negative 43.97 points – off itgs lows of the morning -- to greet noon at 15,951.74
The Canadian dollar shed 0.14 cents at 76.8 cents U.S.
The Green Organic Dutchman Holdings Ltd. announced that it has entered into an exclusive agreement with Stillwater Brands to license RIPPLE SC (Soluble Cannabinoids) ingredient technology, and other proprietary beverage and food technologies and formulations related to cannabinoid-infused consumer packaged goods including micro-dose and full-dose tea sticks within Canada and certain international jurisdictions outside of the U.S.
Shares in Green Organic Dutchman galloped 24 cents, or 5.9%, to $4.34.
Elsewhere, the financials sector fell, dragged by a 3.5% fall in shares of Bank of Nova Scotia to $77.18. Shares of Toronto-Dominion Bank slipped 1.2% to $75.68, and proved the second biggest drag to the financials.
The industrials sector fell, weighed down by a 0.6% fall in plane maker Bombardier to $4.54
Shares of Kinder Morgan Canada were down 0.6% to $16.49, after spending much of the morning in positive territory, and after the federal government said it would buy the Trans Mountain pipeline project for $4.5 billion. The largest percentage gainer on the TSX was oil producer Crescent Point, which jumped 3.5% to $10.33 after CEO Scott Saxberg left the company.
ON BAYSTREET
The TSX Venture inched higher 0.14 points to 770.88
Seven of the 12 TSX subgroups were lower, as financials shed 1.4%, consumer discretionary stocks lost 0.6%, and utilities faded 0.4%.
The five gainers were led by gold, up 1.7%, materials, up 1.1%, and energy, improving 0.6%.
ON WALLSTREET
U.S. stocks dropped sharply Tuesday amid political turmoil in Italy that sent the euro tumbling and ongoing difficult trade talks with China.
The Dow Jones Industrials tumbled 424.28 points, or 1.7%, to 24,328.81, amid losses in Goldman Sachs, Boeing, and J.P. Morgan Chase.
The S&P 500 dropped 37.87 points, or 1.4%, to 2,684.08
The NASDAQ withered 64.19 points to 7,369.66
Exacerbating banking sector woes was J.P. Morgan Co-president Daniel Pinto, who revealed Tuesday that trading revenue in the second quarter will probably be flat from a year ago.
Falling yields added to pressure on both U.S. and European bank shares, as lower rates tend to shrink lending and profits. Big banks like Citigroup, Morgan Stanley and Bank of America all fell roughly 2% Tuesday
The Walt Disney Company fell 2.2% Tuesday after its latest "Star Wars" film disappointed at the box office.
"Solo: A Star Wars Story" opened to an underwhelming $103-million in North America over the long holiday weekend, falling short of estimates closer to $150 million, according to industry researcher ComScore.
The Conference Board's measure of consumer confidence hit 128 in May, matching expectations.
The index measures American sentiment on current economic conditions and expectations for the next six months. Consumer spending accounts for about 70 percent of U.S. economic activity.
The moves in the U.S. came amid turbulence for European markets and politics alike.
The Stoxx Europe 600 fell 1.2%, weighed down by a 2.1% drop in Italy's FTSE MIB and a 2.4% decline in Spain's IBEX 35.
The euro fell 0.4% to $1.158 U.S. — its lowest level this year against the greenback — as Italian debt rates continued to rise.
Prices for the benchmark for the 10-year U.S. Treasury gained sharply, lowering yields to 2.82% from Friday’s 2.93%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.66 at $66.22 U.S. a barrel.
Gold prices lost $1.40 at $1,302.30 U.S. an ounce.
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