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TSX Lets Go of Gains

Lundin, HUT in Focus

Canada's main stock index fell on Wednesday a day after hitting an over two-month high as technology and material stocks fell, although a rebound in oil prices boosted heavyweight energy shares and capped overall losses on the index.

The TSX dropped 101.77 points to reach noon hour Wednesday at 20,168.20.

The Canadian dollar shed 0.50 cents to 77.35 cents U.S.

Shares of Lundin Mining dropped 6.8% to the
bottom of the TSX as Chile issued a series of measures against a copper mine owned by the company, after a sinkhole opened up near one of the mines. Lundin shares lost 56 cents, or 7.5%, to $6.92.

Information technology stocks fell, dragged by a slide of 35 cents, or 8.1%, to $3.95, in Hut 8 Mining after DA Davidson downgraded the bitcoin miner' stock to "neutral".

The largest percentage gainers on the TSX were Canopy Growth which jumped 32 cents, or 6.6%, to $5.17, followed by a rise in Aurora Cannabis of four cents, or 1.7%, to $2.29.

Shares of peer Tilray Brands gained six cents, or 1.1% to $5.45, after it received an approval to commercialize its branded medical cannabis products in Poland.
On the economic front, Canada Mortgage and Housing Corporation said Wednesday the seasonally-adjusted annual rate of housing starts was 275,329 units, an increase of 1.1% from June.


The TSX Venture Exchange slumbered 10.52 points, or 1.6%, to 659.05.

All but three of the 12 TSX subgroups were lower midday, gold descending 2.2%, information technology off 2.2%, and materials lower by 1.6%.

The three gainers were energy, better by 1%, utilities, increasing 0.6%, and consumer staples, up 0.4%.


Stocks fell on Wednesday as the rally on Wall Street that has propelled equity prices higher since mid-June appeared to lose steam amid a fresh batch of retail earnings.

The Dow Jones Industrials waned 280.49 points to break for lunch at 33,871.62.

The S&P 500 fell 46.69 points, or 1.1%, to 4,258.51.

The NASDAQ Composite ditched 219.96 points, or 1.7%, to 12,882.58.

Traders continued to comb through corporate earnings from the retail sector that kicked off with Walmart and Home Depot on Tuesday.

Target shares slipped after the retailer posted earnings that widely missed expectations as it grapples with excess inventory, while Lowe’s traded higher despite a mixed quarter.

Meanwhile, data released by the Census Bureau on Wednesday showed retail sales remain unchanged in July amid declines in auto sales and gasoline prices, although consumers did increase spending online.

Wall Street also looked ahead to the release of minutes from the Fed’s most recent meeting, which could offer further insight into what could come at the central bank’s next meeting in September.

Further uncertainty remains in the market as the Federal Reserve plans to continue raising rates and shrinking the size of its balance sheet.

Treasury prices were down, raising yields to 2.91% from Tuesday’s 2.81%. Treasury prices and yields move in opposite direction.

Oil prices dipped 12 cents to $86.41 U.S. a barrel.

Gold prices fell $13.30 to $1,776.40 U.S. an ounce.