Markets in Toronto opened lower on Wednesday, pulled down by disappointing services sector data from China and a political crisis in Portugal.
The S&P/TSX Composite Index demurred 36.17 points to open at 12,142.21
The Canadian dollar fell 0.04 cents at 94.81 cents U.S.
Gold stocks led the few upward subgroups, led in turn by Alacer Gold, up 13 cents, or 5.6%, to $2.44.
Telecom stocks stubbed their toes, however, weighed by Rogers Communications, down 70 cents, or 1.7%, to $41.67.
Global base metals also had a rough time of it in the first hour, as Orbite Aluminum gave back two cents, or 3%, to 64 cents.
National Bank Financial resumed coverage of Bonterra Energy with an outperform rating, saying the company's capital budget is expected to provide for the drilling of about 30 net Cardium wells in West Central Alberta and deliver a stable average production base of 12,000 boe/day. Bonterra opened down 13 cents to $49.70.
BMO cut the price target on Brigus Gold to $0.70 from $0.85, says while the company's resource update is positive to net present value, it is offset by the decline in the spot gold price. Brigus acquired a cent to 54 cents.
China's services sector expanded modestly in June with the vast construction industry acting as a drag on output, in a further sign that the world's second-largest economy is losing momentum.
Two more Portuguese ministers from the junior ruling coalition party were ready to resign, local media said, deepening turmoil that could trigger a snap election and derail Lisbon's exit from a euro-zone/International Monetary Fund bailout.
On the economic docket, Statistics Canada said this morning our merchandise imports fell 3.2% and exports declined 1.6%. So, Canada's trade deficit with the world decreased from $951 million in April to $303 million in May.
ON BAYSTREET
The TSX Venture Exchange gained 3.20 points to 880.19
All but four of the 14 Toronto subgroups were lower in the first hour, weighed by telecoms, down 1%, global base metals, off 0.9%, and utilities, sliding 0.7%.
The four gainers were led by gold, up 1.1%, materials, hiking 0.9%, and the metals and mining group, up 0.4%.
ON WALLSTREET
Investors turned cautious around the globe Wednesday amid renewed political instability in Europe, clashes in Egypt and concerns about rising oil prices.
The Dow Jones Industrials lost 31.72 points to 14,900.70
The S&P 500 index dropped 4.18 points to 1,609.90. The tech-rich NASDAQ Composite faded 7.84 points to 3,425.55
U.S. markets close at 1 p.m. ET today and are closed Thursday for Independence Day.
Prices for the 10-year U.S. Treasury were flat, keeping yields at Tuesday’s 2.47%.
Oil prices added $1.96 to $101.56 U.S. a barrel.
Gold prices reacquired $4.90 to $1,248.30 U.S. an ounce.
