Canada's main stock index dropped to its lowest level in more than six weeks on Wednesday as shares of Dollarama Inc fell sharply after the retailer posted quarterly results that disappointed the market, offsetting gains in gold miners.
The S&P/TSX Composite Index dropped 80.97 points to greet noon at 12,142.60
The Canadian dollar went south 0.01 cents to 98.13 cents U.S.
The dollar store operator gave back 3.8% after it reported weaker-than-expected first-quarter earnings, hurt by poor weather and the cost of opening new stores.
Financials, the index's most heavily weighted sector, gave back ground. In the group, Toronto-Dominion Bank was down 0.3% at $81.39.
But a rise in the bullion price boosted shares of gold producers and helped the materials group climb 0.8%
Miner Barrick Gold Corp added 2.2% to $20.42 and had the biggest positive influence on the market.
ON BAYSTREET
The TSX Venture Exchange slipped 2.95 points to at 934.32
All but two of the 14 Toronto subgroups were down midday, weighed by telecoms, off 1.9%, utilities, stumbling 1.5%, and real-estate,
staggering 1.2%.
The two gainers were gold, up 2.1%, and materials, forging ahead 1.1%.
ON WALLSTREET
U.S. stocks had a strong start Wednesday, following two days of losses, but the gains didn't last long. By late morning, all three indexes fell into the red.
The Dow Jones Industrials faded 71.34 points to 15,050.70
The S&P 500 index dropped 8.37 points to 1,617.76. The tech-rich NASDAQ Composite eased 24.04 points to 3,412.91
Despite the recent swing in the market -- both on an intraday and daily basis -- the major indexes have made healthy gains this year. The Dow is up 15%, while the S&P 500 and NASDAQ are up 14%.
On the corporate front Wednesday, shares of Cooper Tire & Rubber surged after India's Apollo Tyres said it would buy the American tire maker for $2.5 billion U.S. Shares of rival Goodyear Tire & Rubber also rose.
First Solar shares sank after the renewable energy firm announced plans late Tuesday for a new stock offering.
H&R Block and Men's Wearhouse are scheduled to release quarterly results after the close.
Prices for the 10-year U.S. Treasury strengthened, lowering yields to 2.18% from Tuesday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices were up 64 cents to $96.02 U.S. a barrel.
Gold prices picked up $15.40 to $1,392.40 U.S. an ounce
