The Toronto stock market was lower Tuesday as traders hoped for a favourable lookahead from Alcoa Inc. when the resource giant kicks off the fourth quarter corporate earnings season after the close.
The S&P/TSX composite index fell 23.57 points to greet noon at 12,475.58
The Canadian dollar slid 0.06 cents to 101.37 cents U.S.
The metals and mining sector led decliners on the TSX, while the March copper contract on the New York Mercantile Exchange was down a penny at $3.67 U.S. a pound. Teck Resources shed 59 cents to $36.56 while First Quantum Minerals shed 23 cents to $21.48.
The energy sector stepped back and Canadian Natural Resources lost 46 cents to $29.32 while Bankers Petroleum fell 11 cents to $2.92.
Gold stocks were also weak while Detour Gold was off 52 cents to $23.67.
Goldcorp Inc. shares were off two cents to $34.67 after it announced Monday after the close that it is raising its monthly dividend by 11% to five cents per share.
Elsewhere in the gold sector, African Barrick Gold PLC stock plunged about 20% on the London stock exchange after Canadian parent Barrick Gold Corp. announced that talks about a potential sale to China National Gold have broken off without a deal.
The Toronto-based Barrick Gold owns about three-quarters of the ABG shares outstanding and Barrick Gold shares faded 45 cents to $33.12.
Financials were also in the red with Royal Bank down 31 cents to $60.50.
Tech stocks provided most lift as CGI Group rose 70 cents to $23.47.
ON BAYSTREET
The TSX Venture Exchange nipped ahead 1.17 points to 1,225.06
All but two of the 14 Toronto subgroups were down by lunch hour, weighed by metals and mining and their cousins in global base metals, each off 1%, while energy dipped 0.5%.
The two gainers were health-care and information technology, each ahead 0.7%.
ON WALLSTREET
Stocks lost ground Tuesday, as investors brace for Corporate America to start reporting quarterly results.
The Dow Jones Industrial Average slumped 66.83 points at 13,317.50
The S&P 500 deducted 7.31 points to 1,454.58. The Nasdaq Composite shed 15.20 points to 3,083.61
Several traders said volume has been light, which can lead to exaggerated moves, as investors wait for the first Dow component -- aluminum producer Alcoa -- to report results after the closing bell.
Overall, fourth-quarter earnings for S&P 500 companies are expected to rise 3.3% from the fourth quarter of 2011, according to S&P Capital IQ.
Agriculture firm Monsanto reported earnings ahead of the open that blew past estimates and raised its guidance for the year.
In other corporate news, shares of Yum Brands sank nearly 4%, after the restaurant operator said its fourth-quarter sales in China would be weaker than expected due to a controversy over food safety standards.
Virgin Atlantic has picked an American Airlines executive as its new CEO, as it looks toward a partnership with Delta to boost trans-Atlantic business. Craig Kreeger, a senior vice president at American Airlines, will succeed Virgin chief executive Steve Ridgway when he retires next month after a 23-year career with Sir Richard Branson's airline.
Netflix customers will have a few new options this year, thanks to a content deal inked with Time Warner. Users will be able to stream complete seasons of several series produced by Warner Bros., according to a statement issued by Time Warner on Monday.
Sears Holdings Corp. was the biggest drag on the S&P 500 after company announced its CEO was stepping down. Sears chairman Edward Lampert, who's been trying to orchestrate a turnaround for the trouble retailer, will become the new chief next month.
On the economic front, The Federal Reserve is set to release data on consumer credit for November at 3 p.m. ET.
Prices on the 10-year U.S. Treasury note increased lowering yields to 1.88% from Monday’s 1.90%. Treasury prices and yields move in opposite directions.
Oil prices shaved off 12 cents to $93.07 U.S. a barrel.
Gold prices gained $10.50 an ounce to $1,656.80 U.S.
