Equities in Canada’s largest centre were set for their sharpest one-day fall in about four months on Monday, as investors fled risky assets on growing fears over the economic impact of the coronavirus outbreak in China.
The TSX Composite Index was off its lows of the morning, but remained negative 122 points to greet noon at 17,443.34
The Canadian dollar dipped 0.10 cents to 75.88 cents U.S.
The largest percentage gainers on the TSX were Torex Gold Resources, which jumped 51 cents, or 2.8%, to $18.45, and Saputo, which rose $1.01, or 2.5, to $41.05.
First Quantum Minerals was down 99 cents, or 8.2%, to $11.05, the biggest decliner in Toronto, while Ballard Power Systems fell 85 cents, or 6.7%, to $11.94, over noon hour EST.
Canada's first "presumptive" confirmed case of the novel coronavirus was disclosed by Canada's chief medical officer on Sunday.
ON BAYSTREET
The TSX Venture Exchange skidded 4.93 points to 576.83
All but three of the 12 TSX subgroups were negative midday, as energy stumbled 2.3%, health-care demurred 1.3%, and materials fell 1.2%
The three gainers were consumer staples, up 1.2%, communications, ahead 0.6%, and utilities, better by 0.4%.
ON WALLSTREET
Stocks tanked on Monday after more cases of the coronavirus were confirmed over the weekend, ratcheting up worries over the virus’ impact on the world economy.
The Dow Jones Industrials stumbled 411.59 points, or 1.4%, to 28,578.14, led lower by Nike and American Express.
The S&P 500 slumped 45.8 points at 3,249.67
The NASDAQ slouched 160.46 points, or 1.7%, to 9,154.45.
There are 2,862 confirmed cases so far in China and the death toll in China has risen to 81. The World Health Organization’s director general is traveling to China to meet with government and health officials. In the U.S., a fifth case of coronavirus was confirmed over the weekend.
Airline stocks United and Delta both dropped more than 4%. American slid 5.7%. Gaming stocks such as Las Vegas Sands gave back 6% and Wynn Resorts dropped 7.1%. MGM Resorts slid 3.4%.
Travel stocks Expedia, Carnival and Marriott International all pulled back at least more than 2%. Consumer shares with exposure to China such as Apple, Disney, Nike and Estee Lauder all dropped at least 2.1%.
Caterpillar, a bellwether for global growth, fell 2.1% while Nvidia and Micron Technology fell more than 3.6% each while AMD dropped 1.9%.
Elsewhere, American Express shares fell 4.3% after an analyst at Stephens downgraded them to equal weight from overweight. The analyst also trimmed his price target on the stock, citing a stretched valuation.
Prices for the 10-Year U.S. Treasury leaped, lowering yields to 1.61% from Friday’s 1.69%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.67 to $52.52 U.S. a barrel.
Gold prices gained $10.20 to $1,582.10 U.S. an ounce.
