The Toronto stock market tumbled on Tuesday near midday as traders ignored largely promising trade data, particularly from the United States.
The S&P/TSX composite index was down 162.09 points, or 1.3%, at noon ET to 12,441.16, after being closed for the Civic Holiday on Monday.
BlackBerry shares were 6.7% higher, up 62 cents to $9.88, after Samsung announced that BlackBerry Messenger is headed to its smartphones in Africa. The BBM service is expected to rollout across Android and Apple's iPhones in the coming months.
Stocks appear to have come off the boil in recent sessions as the run of corporate and economic news that marked the turn of the month has slowed down. With August traditionally a low-volume trading month, many analysts think stocks may drift over the coming period.
In earnings, Molson Coors Brewing Co. delivered a bigger profit in the second quarter, handily beating analyst estimates. The North American beer maker says its profit from continuing operations in the second quarter was $276.7 million U.S., or $1.50 per share, or $1.51 with discontinued operations included.
Analysts had estimated $1.38 U.S. per share of adjusted earnings and $1.41 U.S. of net income. Its shares were up $1.31 to $54.
And WestJet says its July load factor slipped to 83.1 per cent as traffic increased 8.3% and capacity grew 11.1% over the month last year. Shares of the company gained 10 cents to $210.46.
On the economic front, Statistics Canada reported that Canada's merchandise exports grew 1.4% and imports increased 0.6% in June. As a result, our trade deficit with the world narrowed from $781 million in May to $469 million in June.
ON BAYSTREET
The TSX Venture Exchange dumped 10.68 points to 912.88
All but one of the 14 Toronto subgroups were lower by lunch time, with gold sliding 4.7%, materials, down 3.2%, and metals and mining off 2.5%.
Information technology remained the lone stalwart, gaining 1.4%.
ON WALLSTREET
Stocks continued their August drift Tuesday.
The Dow Jones plummeted 90.31 points to reach noon at 15,521.80
The S&P 500 index fell 10.02 points to 1,697.12. The NASDAQ doffed 25.56 points to 3,667.39
Still, investors are overall flying high. U.S. stocks have all rallied 18% to 22% so far this year.
The vast majority of large U.S.-traded companies have already reported quarterly results, but a few more are trickling in and generating plenty of buzz among traders on StockTwits.
Shares of Molson Coors Brewing rose, after the brewer reported strong earnings and sales, helped by a 20% jump in beer volume.
Fossil stock also rallied on strong earnings.
And shares of Michael Kors rose sharply after the luxury retailer reported sales and earnings that blew past expectations.
Shares of American Eagle Outfitters tumbled after the teen clothing retailer cut its outlook for the current quarter due to weak demand.
DISH Network reported a quarterly loss due to high costs associated with an acquisition of two of its satellites.
Disney earnings are due after the close.
In other corporate news, shares of The Washington Post rose after Amazon.com founder Jeff Bezos said he was buying the company's world-renowned newspaper business. Bezos is buying the company's flagship paper -- The Washington Post -- and other print properties for $250 million U.S.
Prices for the 10-year U.S. Treasury edged lower, raising yields to 2.66% to Monday’s 2.64%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.20 to $105.36 U.S. a barrel.
Gold prices were down $16.80 at $1,285.60 U.S. an ounce.
