Equity markets in Toronto opened lower on Tuesday, with resource stocks leading broad declines and Teck Resources falling more than 8% after it denied it was in merger talks with Antofagasta Plc.
The S&P/TSX composite index opened Tuesday down 58.52 points to 14,849.87
The Canadian dollar faded 0.32 cents to 78.56 cents U.S.
Fairfax Financial Holdings has sold half of its 5.8% stake in Bank of Ireland for more than triple what it paid for it in 2011, a source with knowledge of the deal said. Fairfax shares dipped 16 cents to $721.50.
Teck Resources Ltd and Antofagasta Plc denied on Monday that they were in talks about a merger after Bloomberg news reported that the two mining companies were in early stage talks. Teck shares were down $1.56, or 8%, to $17.89.
Financial technology firm D+H said on Monday it agreed to acquire global payment services provider Fundtech for $1.25 billion in cash, in a bid to expand its service offerings aimed at global financial institutions and large U.S. banks. D+H dwindled $1.35, or 3.4%, to $38.25.
BMO raised the rating on Belo Sun Mining Corp to outperform from market perform. Belo shares were unchanged at 20.5 cents.
CIBC cut the rating on Catamaran to sector perform from outperform. Catamaran shares were better by 29 cents to $76.17.
Bernstein raised the target price on Thomson Reuters to $53.00 from $46.00, with a market perform rating. Thomson shares fell 20 cents to $50.64.
In the economic docket, Statistics Canada reported that Gross Domestic Product in this country was down 0.1% in January, after increasing 0.3% in December and declining 0.2% in November.
ON BAYSTREET
The TSX Venture Exchange recovered 2.53 points to 682.36
All but three of the 14 Toronto subgroups were lower to start the session, as metals and mining were down 3.1%, global base metals off 2.1%, and information technology slid 0.8%.
The three gainers were gold, up 0.5%, real-estate, inching up 0.1%, and industrials, easing up 0.02%.
ON WALLSTREET
U.S. stocks traded lower on Tuesday, following the prior day's major gains, as investors eyed economic data and the end of the first quarter.
The Dow Jones Industrials ducked 83.75 points to 17,892.56, with Chevron the greatest laggard and Intel leading four blue-chips higher.
The S&P 500 faded 10.94 points to 2,075.30, with energy leading nine sectors lower and telecommunications the only sector gaining.
The NASDAQ fell 27.26 points to 4,920.18
Comcast is establishing a new company that will focus on investing and operating growth-oriented companies, to be led by current Chief Financial Officer Michael Angelakis. Comcast will immediately begin a search for a new CFO.
IBM will invest $3 billion U.S. in a unit centred around the "internet of things." The unit's first partnership is with Weather Channel parent Weather Co., which will move its data services into the IBM "cloud."
Starbucks debuts a new line of smoothies at some of its U.S. shops, as part of a partnership with France's Danone, maker of the Dannon yogurt brand.
Investor Bill Ackman said shutting down the nutritional supplements maker Herbalife is "one of the most importing things" he can do.
Ackman made his comments at a meeting of the Council of Institution Investors, speaking about his massive short bet against Herbalife that began in December 2012 and his claims that Herbalife is a pyramid scheme.
The U.S. dollar is up 9% for the year and is expected to continue weighing on earnings.
The latest consumer confidence reading showed an increase to 101.3 in March, above February's 98.8.
The Chicago PMI for March posted 46.3, a slight increase from last month but below expectations for 51.5.
Case-Shiller house price indices for January showed an increase from last year.
Prices for 10-year U.S. Treasuries gained small ground, lowering yields to 1.95% from Monday’s 1.96%. Treasury prices and yields move in opposite directions.
Oil prices fell 63 cents to $48.05 U.S.
Gold prices gained $1.70 to $1,187.00 U.S.
