Canada's main stock index fell on Tuesday, dragged lower by financials after big lenders reported declines in quarterly profits and stockpiled rainy-day funds due to economic uncertainty.
The TSX sank 72.13 points to commence Tuesday at 20,188.
The Canadian dollar dropped 0.06 cents to 73.6 cents U.S.
Bank of Montreal and Bank of Nova Scotia reported a drop in first-quarter profits and prepared for consumers slipping on payments amid rising concerns of a recession. BMO shares slipped $2.04, or 1.6%, to $128.78.
Baytex Energy agreed to buy U.S. peer Ranger Oil Corp for $2.5 billion including debt, as it looks to boost its presence in South Texas' Eagle Ford shale basin. Baytex shares gave back 51 cents, or 8.8%, to $5.32
Imperial Oil said it is reducing the number of contractors working at its Kearl oil sands site as part of measures to cut operating costs at the project. IMO shares docked 43 cents to $68.21.
On the economic slate, Statistics Canada reported that our Gross Domestic Product was nearly unchanged in the fourth quarter, following five consecutive quarterly increases.
ON BAYSTREET
The TSX Venture Exchange eked up 1.77 points to 626.60.
All but three of the 12 TSX subgroups were losing ground, with consumer staples, financials and health-care each down 0.7%.
The three gainers were information technology, inching up 0.2%, materials, edging forward 0.1%. and gold, up 0.04%.
ON WALLSTREET
The Dow Jones Industrial Average fell Tuesday as traders wrapped up a tough month for the stock market.
The 30-stock index tumbled 192.14 points to 32,696.95.
The S&P 500 fell 7.5 points to 3,974.45.
The NASDAQ Composite poked ahead 13.11 points to 11,480.18.
Tuesday marks the last day of February. Despite a solid start to the year, the major indexes are on pace for their second negative month in three.
The Dow is down 3.8% for the month and is down year to date. The S&P 500 has lost 2.3%, and NASDAQ has handed over 1% in February.
Those losses came after a strong start to the year for stocks; the S&P 500 rallied more than 6% in January.
Prices for the 10-year Treasury surged, lowering yields to 3.95% from Monday’s 3.93%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.48 to $77.16 U.S. a barrel.
Gold prices gathered $6.60 to $1,831.50 U.S. an ounce.
