Equities in Canada’s largest centre took a tumble early Tuesday, as hopes that Greek debt negotiations might result in a deal were offset by declines in energy and mining shares.
The S&P/TSX composite index started Tuesday negative by 91.44 points at 15,009.26
The Canadian dollar slipped 0.40 cents to 79.81 cents U.S.
Talisman Energy, which in December agreed to be bought by Spanish peer Repsol, reported a bigger quarterly loss after it wrote down the value of some assets by about $1.37 billion amid a steep fall in crude prices. Talisman shares gained 7.5 cents to $9.49.
Uni-Select Inc said it would sell its U.S. auto parts distribution business to activist investor Carl Icahn's investment company Icahn Enterprises LP for about $340 million U.S. Uni-Select shares vaulted $5.92, or 18.4%, to $38.06.
Greece's energy minister said the country’s new left-wing government will legally oppose Eldorado Gold Corp's gold mine in northern Greece, promising to protect workers at the mine. Eldorado shares faded 38 cents, or 6%, to $5.97.
CIBC cuts the rating on Canadian Utilities Ltd. to sector perform. Utilities stock gave back 37 cents to $40.70.
National Bank Financial cut the price target on Bank of Montreal to $85.00 from $86.00. BMO shares lost 54 cents to $77.38.
Canaccord Genuity raised the rating on Tahoe Resources to buy from hold. Tahoe shares surrendered six cents to $15.94.
ON BAYSTREET
The TSX Venture Exchange erased 2.08 points to 694.11
The 14 Toronto subgroups were evenly split between gainers and losers. Information technology hiked 1.3%, while consumer staples were 1.2% stronger, and telecoms gained 0.7%.
The seven laggards were weighed by energy, down 3.9%, metals and mining, sulking 3.2%, and gold, off 2.3%.
ON WALLSTREET
U.S. stocks traded higher on Tuesday on encouraging developments in the Greece-euro-zone standoff and positive Coca-Cola earnings.
The Dow Jones Industrials surged 54.81 points to 17,784.02, with Coca-Cola leading gains across the majority of blue chips. Chevron was the greatest laggard.
The S&P 500 regained 5.09 points to 2,051.83,
The NASDAQ index progressed 14.93 points to 4,740.94.
Coca-Cola earned an adjusted 44 cents U.S. per share for the fourth quarter, two cents above estimates, with revenue above forecasts as well. Global case volume was roughly in line with estimates.
Investors are watching closely for a Greek debt deal when the euro group of finance ministers meets in Brussels on Wednesday where Greece's Finance Minister Yanis Varoufakis is expected to detail new reform proposals.
The Greek newspaper Ekathimerini reported late on Monday a preview from government officials for a proposal that would create a bridge program with creditors in September.
Futures touched session highs on speculation that the European Commission could be ready to table a compromise on Greece's bailout program and propose a six-month extension to the country's bailout which is due to end on February 28. The Athens stock exchange was trading up about 7% on Tuesday.
However, concerns over the Greek debt negotiations continue to weigh on market sentiment. Speaking from Washington, German Chancellor Angela Merkel said she was looking for a "viable recommendation" from Greece on Monday, after Prime Minister Alexis Tsipras reiterated his pledge to end Greece's current bailout Sunday.
Prices for 10-year U.S. Treasuries fell, raising yields to 1.99% from Monday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices slipped $1.38 per barrel to $51.48 U.S.
Gold prices faded seven dollars an ounce to $1,234.50 U.S.
