The Toronto Stock Exchange was slightly lower Tuesday afternoon, dragged down by base metal miners as worries about Chinese growth slammed copper prices for a third day.
The S&P/TSX composite index fell 34.83 points to conclude business at 14,267.43
The Canadian dollar improved 0.03 cents at 90.06 cents U.S.
The TSX energy and base metal sectors continued to lose ground amid concerns about Chinese growth as data released over the weekend showed that exports of the world's second-biggest economy fell by an unexpectedly large 18% in February.
China’s official 2014 economic growth target of 7.5% assumes trade also will grow by 7.5%.
Copper prices headed lower for a third day as a result of the data, with the metal widely viewed as a proxy for the global economy sitting at a multi-year low.
On Tuesday, the May copper contract on the New York Mercantile Exchange was down another eight cents at $2.95 U.S. a pound after shedding 6% over the last two sessions. Copper has plunged 14% so far this year. The base metals sector fell as Teck Resources dropped 82 cents to $22.98
The energy sector fell as oil prices also suffered from the Chinese data. Imperial Oil faltered 37 cents to $50.79 and Suncor moved downward 57 cents to $36.37.
The TSX financials sector rose as TD Bank jumped 60 cents to $51.60.
The gold sector climbed as Barrick Gold took on nine cents to $21.99
On the corporate front, Canadian Pacific Railway will repurchase up to 5.27 million or 3% of its shares over the next year. An analyst from RBC Capital Markets said the repurchase program is earlier and larger than the 4.4 million shares he had expected and CP shares declined $1.53 to $169.78.
Fortress Paper Ltd. plunged 41 cents, or 12.6%, to $2.84 as the company posted a quarterly loss of $54.7 million or $3.76 a share as it wrote down the value of property, plant and equipment at a Quebec cellulose mill.
Canadian exporters have also been watching developments in Vancouver where a strike by container-truck drivers serving Port of Metro Vancouver terminals is growing.
Members of Unifor-Vancouver Container Truckers' Association parked their rigs Monday, joining members of the non-union United Truckers Association who have been on strike since last month.
The groups reached a tentative deal with employers last week, but the members voted against the agreement over the weekend.
ON BAYSTREET
The TSX Venture Exchange remained positive 0.46 points to 1,043.31
Nine of the 14 Toronto subgroups were lower by the close, with metals and mining tumbling 3.5%, their cousins in global base metals down 1.7%. Information technology issues were also down 1.7%.
The five gainers were led by financials, up 0.8%, while real-estate and gold edged higher 0.3% each.
ON WALLSTREET
Investors stayed cool Tuesday despite continued geopolitical risks. Still, markets were down by the close.
The Dow Jones Industrial Average stumbled 67.43 points to end Tuesday at 16,351.25
The S&P 500 index faded 9.54 points to 1,867.63. The NASDAQ fell 27.26 points to 4,307.19.
There was little economic data on tap Tuesday, but several companies were making news.
J.C. Penney may finally be seeing the light at the end of the tunnel. Shares of the struggling retailer surged 6% Tuesday after a Citigroup analyst upgraded the company's stock to a "buy."
The stock started the year on a rough note, and was one of the worst performers in the S&P 500 last year. But J.C. Penney shares have jumped in recent weeks as investors have begun to get on board with its much-hyped turnaround strategy. With Tuesday's gains, the stock is close to breaking even for the year.
Herbalife shares were under pressure, as hedge fund manager Bill Ackman planned to unveil information alleging violations by the nutritional products distributor in China.
Ackman has publicly called the company a pyramid scheme and said he is betting on the company's demise. But so far Ackman's Pershing Square Capital has taken a bath on that wager, as Herbalife shares have soared since Ackman disclosed his trade.
Shares of Dick's Sporting Goods rose after the sporting retailer reported earnings and revenue roughly in line with forecasts.
Urban Outfitters, which owns the retail brands Anthropologie and Free People, declined after reporting quarterly revenue that fell short of analysts' expectations.
Snow plow maker Douglas Dynamics, which trades under the ticker PLOW, rose after reporting strong earnings and solid guidance thanks to this year's wintry mix.
Prices for 10-year U.S. Treasuries were up slightly, lowering yields to 2.77% from Monday’s 2.78%. Treasury prices and yields move in opposite directions.
Oil prices dipped $1.33 to $99.79 U.S. a barrel.
Gold prices added $6.30 to $1,347.80 U.S. an ounce.
