Equities in Canada’s largest centre took a breather from chasing new records Tuesday, weighed down mostly by health-care and energy stocks
The TSX tumbled 80.74 points to close Tuesday at 18,874.01
The Canadian dollar took on 0.24 cents to 80.38 cents U.S.
Communications stocks hogged the spotlight Tuesday, as Rogers gained $3.50, or 5.7%, to $65.07, while would-be takeover target Shaw grabbed 88 cents, or 2.6%, to $34.73.
In consumer staples, Maple Leaf Foods showed the way, gaining 54 cents, or 2%, to $27.48, while George Weston leaped $1.84, or 1.8%, to $102.39.
In the industrial sector, Morneau Shepell climbed 92 cents, or 2.8%, to $33.33, while Aecon Group added 34 cents, or 1.7%, to $20.11.
The subgroups which got hit, got hit hard, with Aurora Cannabis weighing down the health-care sector, slipping 87 cents, or 6.3%, to $13.03, while Aphria was pummeled $2.36, or 8.5%, to $25.30.
Energy sputtered, particularly MEG Energy, down 36 cents, or 4.9%, to $6.99, while Crescent Point Energy doffed 25 cents, or 4.4%, to $5.40.
Among resource stocks, First Quantum Minerals crumbled $1.68, or 6%, to $26.30, while Hudbay Minerals docked 45 cents, or 4.7%, to $9.05.
On the economic slate, Statistics Canada said foreign investment in Canadian securities totaled $1.3 billion in January, the lowest investment in six months.
Meanwhile, Canadian investors acquired $3.5 billion in foreign securities, down considerably from a $26.9-billion investment in December.
Elsewhere, the Canadian Real Estate Association said home sales recorded over Canadian MLS Systems climbed 6.6% between January and February to set another new all-time record.
ON BAYSTREET
The TSX Venture Exchange dumped 18.46 points, or 1.9%, to 977.87.
Seven of the 12 TSX subgroups were positive on the day, with communications surging 1.7%, consumer staples ahead 0.9%, and industrials mightier by 0.4%.
The five laggards were weighed most by health-care, down 4.3%, while energy flagged 3%, and materials lost 1.6%.
ON WALLSTREET
The Dow Jones Industrial Average fell from its record high and snapped seven-day winning streak on Tuesday ahead the Federal Reserve’s upcoming policy announcement.
The 30-stock index plummeted 127.51 points to 32,825.95
The S&P stepped back from Monday’s record levels, losing 6.23 points to 3,962.71
The NASDAQ Composite came off its highs of the afternoon, but held onto gains of 11.86 points to end the session at 13,471.57.
The central bank kicked off its two-day meeting on Tuesday, followed by a statement and briefing from Chairman Jerome Powell the following day.
Traders will get more guidance from the Fed on rates and inflation on Wednesday. The central bank kicks off its two-day meeting on Tuesday, followed by a statement and briefing from Chairman Jerome Powell the following day.
The market on Tuesday was supported by megacap tech stocks, with Apple prospering 1.3%, and Google-parent Alphabet rising 1.4% and Amazon adding 0.3%. Apple and Amazon have underperformed in recent months as investors have shifted from growth stocks to value plays, but some of the more mature tech stocks now appear less expensive, according to some strategists.
February retail sales fell by more than expected, down 3%, data released Tuesday showed, reflecting in part a month marked by severe weather across the United States. However, January’s retail sales figures were revised upward to a 7.6% jump from a 5.3% increase, so the markets largely ignored the number.
Prices for 10-Year Treasurys were lower, raising yields to 1.62% from Monday’s 1.60%. Treasury prices and yields move in opposite directions.
Oil prices skidded 74 cents to $64.65 U.S. a barrel.
Gold prices recovered $1.60 to $1,730.80.
