Equities in Toronto settled back from a stretch of dizzy gains over the last few days, as weakness in consumer stocks overrode strength in cannabis concerns.
The TSX wilted 4.86 points from Tuesday’s all-time record to close Wednesday at 19,971.15.
The Canadian dollar tacked on 0.25 cents to 83.09 cents U.S.
In health-care issues, Tilray zoomed $2.32, or 11.2%, to $22.83, while Cronos Group sprang 74 cents, or 7.4%, to $10.69.
Among energy plays, Crescent Point Energy shot higher 30 cents, or 5.6%, to $5.69, while Vermilion Energy took on 52 cents, or 5.3%, to $10.27.
In techs, Blackberry shares popped $4.43, or 31.8%, to $18.35, while HUT 8 Mining climbed 28 cents, or 5.8%, to $5.12.
In the industrial sector, Westport Fuel Systems fell $1.09, or 13.4%, to $7.06, after launching a $100-million stock offering. Elsewhere, Cargojet handed back $5.20, or 2.9%, to $173.35.
In the materials area, Interfor docked $1.62, or 5.2%, to $29.76, while Canfor Corp. fell $1.33, or 4.5%, to $28.51.
Even as Canadian businesses prepare to reopen gradually this summer after a year of intermittent lockdowns, banks are wary about the prospects of a fast uptick in credit growth as an economic recovery remains patchy and cautious commercial clients hold on to record amounts of cash hoarded during the pandemic.
On the economic calendar, Statistics Canada says building permits edged down 0.5% to $11.1 billion, following the record set in March.
ON BAYSTREET
The TSX Venture Exchange nicked up 1.5 points to 973.54.
Seven of the 12 subgroups were positive on the day, with health-care stocks bursting out 4.2%, while energy leaped 1.4%, and information technology picked up 0.8%.
The five laggards were weighed most by consumer discretionary issues, down 1.2%, industrials, off 0.7%, and materials, sliding 0.6%.
ON WALLSTREET
Stocks rose slightly on Wednesday with the S&P 500 hovering near an all-time high.
The Dow Jones Industrials gave back some of its gains but still finished positive 25.07 points at 34,600.38
The much-broader index gained 6.08 points to 4,208.12.
June is historically a weak month for stocks, but Instinet points out that the S&P 500 has had a better track record recently, gaining every June since 2016.
The NASDAQ grabbed 19.85 points to 13,756.33.
All three indexes are fairly close to record levels. The Dow is to within 1.4% of its all-time peak, while the NASDAQ is 3.2% below its record.
Energy stocks again outperformed the broader market on Wednesday as crude prices continued their recent rebound. Investors have snapped up shares of some of the nation’s largest oil and gas companies in recent sessions as optimism about the economic rebound in the U.S. fosters demand for crude, airfare and other travel-related assets.
Occidental Petroleum added nearly 2.7% and Marathon Oil rose 0.9%.
AMC shares, popular among retail investors and often subject to trading mania, soared 95% and was briefly halted for volatility. The meme stock was up 22% on Tuesday after raising $230.5 million through a stock sale.
Some key tech stocks were lower, weighing on the market. Zoom Video shares fell about 0.2% despite the company reporting blowout earnings on Tuesday. Sales grew 191% in the first quarter. Tesla and Microsoft also closed lower.
Inflation fears, and the ways in which the Federal Reserve might respond, have weighed on sentiment recently, although the major averages are still hovering around all-time highs.
Prices for 10-Year Treasurys strengthened, lowering yields to 1.59% from Tuesday’s 1.63%. Treasury prices and yields move in opposite directions.
Oil prices climbed $1.06 to $68.78 U.S. a barrel.
Gold prices heightened six dollars to $1,911 U.S. an ounce.
