The Toronto stock market was lower Wednesday afternoon, adding to a sharp loss in the previous session amid worries that central banks may withdraw efforts to help the global economic recovery.
The S&P/TSX Composite Index dropped 113.68 points to end Wednesday at 12,109.89, on top of a 159-point slide on Tuesday.
The Canadian dollar went south 0.21 cents to 97.93 cents U.S.
The TSX is down around 250 points year to date and has finished lower in seven of the past eight sessions
The telecom sector declined on Wednesday, as BCE Inc. fell $1.14 to $43.96
Utilities also pressured the Toronto market as Algonquin Power & Utilities shed 26 cents to $7.23.
The energy sector lost ground Canadian Natural Resources gave back 53 cents to $29.00
July copper was up three cents to $3.23 U.S. per pound after worries about Chinese growth helped send the metal down 17 cents over the previous four sessions. Uncertainty about China's recovery has weighed on markets following weekend data showing exports, retail sales and other indicators weaker than expected.
The TSX base metals sector slipped as Teck Resources shed 70 cents to $24.06.
The gold sector advanced, as Barrick Gold Corp. improved by 20 cents to $20.19.
The rally on U.S. markets has bypassed the TSX, which has been depressed by a mining sector weighed down by falling commodity prices amid a weak global economic recovery. Gold miners have also been a major weight as lower inflation concerns have depressed gold stocks and bullion prices.
Energy stocks have suffered because of demand concerns and worries about the future of major pipeline projects such as Keystone XL, which would move greater amounts of oilsands crude to American markets.
In corporate news, Hudson's Bay Co. lost $80.7 million in the latest quarter including discontinued operations, down from $129.7 million in the first quarter of 2012.
Revenue rose by 4.2% to $884 million. Hudson's Bay stores in Canada had a 7.6% same-store sales growth, offset by a 1.4% decline at Lord & Taylor stores in the United States and its shares gained two cents to $16.18.
Dollarama Inc. says the addition of 85 stores over the past year and strong growth at established locations helped push up revenue by 12% to $448 million in the latest quarter. The Montreal-based discount chain also reported profit of $45.6 million or 62 cents per share, which missed estimates of 67 cents and its shares fell $2.45 to $70.13.
ON BAYSTREET
The TSX Venture Exchange fell 9.07 points to wind up Wednesday at 928.20
All but two of the 14 Toronto subgroups took losses Wednesday, most of them among utility stocks, down 2.2%, telecoms, down 1.8%, and the metals and mining group, off 1.5%.
The two gainers were gold, up 1.1%, and materials, up 0.1%.
ON WALLSTREET
U.S. stocks closed lower for a third straight day Wednesday, marking the Dow's worst losing streak this year.
The Dow Jones Industrials tumbled 126.79 points to 14,995.20
The S&P 500 index dropped 13.60 points to 1,612.53. The tech-rich NASDAQ Composite erased 36.52 points to 3,400.43
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 14%, while the S&P 500 and NASDAQ are up 13%.
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.
Prices for the 10-year U.S. Treasury faded, raising yields to 2.23% from Tuesday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices were up 50 cents to $95.88 U.S. a barrel.
Gold prices picked up $10.20 to $1,387.20 U.S. an ounce
