Stocks on Bay Street traded lower today -- led by a drop in energy stocks -- as traders took in a fresh batch of corporate earnings and a better-than-expected read on the Canadian economy.
The S&P/TSX composite index dipped 41.50 points to 9,721.26.
In earnings news, silver miner Silver Wheaton Corp. recorded profit of US$20.2 million, or nine cents a share, in the third quarter.
Rockwell Diamonds Inc. shares fell after Pala Investments Holdings Ltd. withdrew its $85.7-million hostile takeover bid.
On the corporate front -- the board of InStorage Real Estate Investment Trust has recommended rejection of a $91-million takeover bid from a unit of the TKG-StorageMart group of Columbia, Mo.
Canadian National Railway Co. is buying a number of rail and ferry operations from Quebec Railway Corp. for $49.8 million.
In Canada -- the Conference Board of Canada reeled in its outlook for the economy next year, saying that it now expects the economy to grow by a sluggish 1.5 percent in 2009 -- but avoid a recession.
Down south -- the Institute for Supply Management reported its index fell to 38.9 percent from 43.5 percent in September, under the 41.5 percent expected by analysts.
The Census Bureau reported that construction spending for September declined 0.3 percent, down from a 0.3 percent increase in August. Economists were expecting spending to decrease by 0.8 percent.
The Canadian dollar, meanwhile, was trading up 2.02 of a cent to 84.67 cents US.
BAYSTREET
Nine of the TSX sub-groups traded higher today -- mining issues rose 3.86 percent followed by a 2.39 percent gain in tech issues and a 1.77 percent rise in industrial stocks.
On the downside -- energy issues shed 3.66 percent; gold stocks shed 1.96 percent and health-care issues dipped 0.68 percent.
COMEX gold for January delivery climbed $8.60 to settle at $727.50 US an ounce.
Meanwhile, the TSX Venture Exchange moved up 20.29 points to 935.59 while NASDAQ Canada stocks were ahead 25.38 points at 527.01.
ON WALLSTREET
U.S. stocks closed marginally lower Monday as automobile manufacturers reported dismal monthly sales figures and after a report that U.S. manufacturing activity had dropped in October, with investors cautious as the race for the White House neared the finish line.
The Dow Jones Industrial Average slipped 5.18 points, or 0.1 percent, to 9318.83, and the S&P 500 ended down 2.45 points, or 0.3 percent, at 966.30. The Nasdaq gained 5.38 points to 1726.33.
On the eve of Election Day, Democratic presidential candidate Barack Obama and Republican rival John McCain are making final appearances around the country, with polls consistently showing Obama ahead in the campaign for the White House.
In merger news, The Detroit News reported that Cerberus Capital, which owns Chrysler, has ceased discussions with Nissan-Renault because Cerberus intends on merging with General Motors
Soft-drink maker PepsiCo announced it would invest $1 billion in China over the next four years in an effort to gain a foothold in emerging markets.
Circuit City shares rallied 38 percent after the electronics retailer said that it was closing about 20 percent of its stores in a bid to return to profitability.
Longer-dated U.S. Treasury securities were mixed. The 10-year was up 14/32, yielding 3.91 percent. The 30-year was down 5/32 to yield 4.34 percent. The American dollar was gaining on the yen, euro and pound.
U.S. light crude oil for December delivery fell $3.90 to settle at $63.91 US a barrel on the New York Mercantile Exchange.
