Weakness in health-care stocks undid much of the good done by the mining sector Wednesday for Canada’s largest stock markets.
The S&P/TSX Composite tumbled 56.75 points to greet noon Wednesday at 21,660.41.
The Canadian dollar lost 0.19 cents at 79.39 cents U.S.
The energy sector was slightly positive as Meg Energy took on 11 cents, or 1%, to $11.16, while Arc Resources gathered a penny to $12.22, and Cenovus Energy retreated 11 cents to $15.45.
Shares of Goodfood Market slumped $1.70, or 23.6% to a 16-month low of $5.50, after it reported a fourth-quarter loss of 30 cents per share against estimates of a six-cent loss, while its sales fell 5% during the quarter.
On the economic slate, Statistics Canada’s consumer price index rose 4.7% on a year-over-year basis in October, up from a 4.4% increase in September. On a seasonally adjusted monthly basis, the CPI rose 0.5% last month.
Floods and landslides that have killed at least one person have also reportedly cut all rail access to Vancouver.
ON BAYSTREET
The TSX Venture Exchange drifted off 1.38 points to 1,007.39.
All but three of the 12 TSX subgroups were lower, with health-care plunging 2.4%, while industrials and real-estate issues were each roughed up 0.9%
The three gainers were gold, up 1.5%, materials, surging 1.1%, and energy, poking up 0.1%.
ON WALLSTREET
U.S. stocks fell on Wednesday as investors weighed strong earnings reports from big-box retailers against lingering inflation concerns.
The Dow Jones Industrials toppled 172.76 points to 35,969.46 by noon hour EST. The Dow was dragged down by a 5% drop in Visa.
The S&P 500 docked 10.76 points to 4,690.14.
The NASDAQ Composite erased 41.15 points to 15,932.70.
Retail giant Target posted beats on the top and bottom lines, but its CEO noted rising costs may have an impact on the company going forward as it plans to absorb those costs rather than pass them onto the customer. Shares slid about 5%.
Home improvement giant Lowe’s saw shares rise slightly, however, after the company not only topped estimates from the Street but also raised its full-year sales forecast. And shares of TJX jumped almost 9% after the apparel and home retailer reported a quarterly earnings beat on the top and bottom lines as well as a same-store sales increase of 14% year-over-year.
Investors await more retail earnings Wednesday from Bath & Body Works and Victoria’s Secret. Other major companies reporting results include Cisco Systems and Nvidia.
Prices for 10-year Treasurys regained ground, lowering yields to 1.61% from Tuesday’s 1.64%. Treasury prices and yields move in opposite directions.
Oil prices declined $1.97 to $78.79 U.S. a barrel.
Gold prices recovered $14.70 to $1,868.80 U.S. an ounce.
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