Equities in Canada’s largest centre fell amid a broad-based selloff on Tuesday, with energy stocks leading the fall on declining crude oil prices, as investors assessed the latest batch of U.S. inflation data.
The TSX Composite tumbled 118.93 points to get Tuesday’s session started at 20,199.43.
The Canadian dollar slid 0.02 cents at 73.47 cents U.S.
Stocks to watch out for include Manulife Financial, after RBC upgraded the stock to "outperform" from "sector perform". Manulife shares gained 35 cents, or 1.3%, to $28.30.
J.P.Morgan upgraded Stelco Holdings to "overweight" from "neutral". Stelco jumped $3.03, or 7.2%, to $45.42.
Rogers Communications said it has sold all of its shares in Cogeco and Cogeco Communications to Canada's second-largest pension fund Caisse de dépôt et placement du Québec (CDPQ) in a private deal for $829 million. Rogers shares fell 14 cents to $61.48.
Cogeco Communications fell $3.39, or 5.9%, to $53.72.
ON BAYSTREET
The TSX Venture Exchange retreated 2.94 points to 527.59.
All but one of the 12 subgroups were lower, with energy plunging 2%, while utilities sank 1.3% and materials gave up 1.1%.
Industrials held out against the negative tide, and only 0.2% at that.
ON WALLSTREET
Stocks were little changed on Tuesday as Wall Street parsed through another round of inflation data in search for clues on when the Federal Reserve could start easing monetary policy.
The Dow Jones Industrials marched ahead 79.86 points to 36,484.79.
The S&P 500 inched up 0.79 points to 4,623.23.
The NASDAQ added 12.33 points to 14,444.81.
Shares of tech giant Oracle were down 9% after the company’s revenue for the fiscal second quarter missed Wall Street expectations. Stock in retailer Macy’s pulled back nearly 4% following a downgrade to sell from Citi on Tuesday.
The U.S. consumer price index rose 3.1% in November year over year and 0.1% month over month. Economists polled by Dow Jones forecast a 3.1% annual increase. Month over month, they expected CPI to remain flat. Excluding food and energy, inflation rose in line with economist expectations.
Prices for the 10-year Treasury gained slightly, lowering yields to 4.23% from Monday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.90 to $69.42 U.S. a barrel.
Gold prices gathered $3.70 to $1,997.40.
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