Canadian stocks opened lower on Tuesday, with losses broad-based as weaker commodity prices weighed on the resource-linked market.
The S&P/TSX Composite Index jettisoned 123.95 points to open at 13,353.59.
The Canadian dollar slid 0.55 cents to 74.83 cents U.S.
Valeant Pharmaceuticals International Inc cut its revenue forecast for the year by about 12%, or $1.5 billion, citing slower growth in its U.S. dermatology, gastrointestinal and women's health businesses.
Valeant dwindled $35.71, or 39%, to $55.87.
Amaya Inc, the owner of online gambling sites PokerStars and Full Tilt, reported a better-than-expected quarterly profit as it added more customers.
Amaya shares jumped 84 cents, or 4.5%, to $19.44
Canaccord Genuity raised the target price on Boardwalk REIT to $54 from $47.50.
Boardwalk units dropped $2.19, or 4.1%, to $51.66.
NBF cut the ratings on Canadian National Railway to sector perform from outperform.
CNR shares added 16 cents, or 0.2%, to $80.11
CIBC raised the target price on Detour Gold to $24.00 from $22.00. Detour shares collapsed 25 cents, or 1.3%, to $19.27.
The Japanese central bank said it would maintain its massive asset buying programme at existing levels and suggested it may roll out more stimulus as it struggles to reach an elusive inflation target.
ON BAYSTREET
The TSX Venture Exchange lost 2.08 points to 568.71
All but two of the 13 TSX subgroups were lower to begin the session, with health-care off 8.4%, metals and mining skidding 5.5%, and energy drooping 1.5%
The two gainers were telecoms and consumer staples, each up 0.4%.
ON WALLSTREET
American stocks closed mixed Monday, shaking off a decline in oil prices ahead of the U.S. Federal Reserve's meeting later in the week.
The Dow Jones Industrial average dropped 54.48 points to begin Tuesday’s trading at 17,174.65, with Caterpillar the greatest decliner and Apple leading a few advancers.
The S&P 500 faded 12.55 points to 2,007.09. Energy and materials traded more than 1% lower to lead S&P 500 decliners.
The NASDAQ index fell 33.22 points to 4,717.06
Economically speaking, retail sales fell a less-than-expected 0.1% in February, but January's figure was revised down to show a 0.4% decline versus the previously reported 0.2% increase.
U.S. producer prices fell 0.2% in February, but were unchanged over the last 12 months. That marked the first time since January 2015 that the year-on-year PPI did not decline, Reuters said.
The NAHB Housing Market Index held steady at 58 in March. Business inventories rose 0.1% in January.
The Federal Open Market Committee is scheduled to kick off its two-day meeting Tuesday and release its statement and economic projections Wednesday afternoon. Fed Chair Janet Yellen is also due to hold a press conference.
Prices for the 10-year Treasury gained slightly, lowering yields to 1.94% from Monday’s 1.97%. Treasury prices and yields move in opposite directions.
Oil prices stumbled 89 cents a barrel to $36.29 U.S.
Gold prices fell $2.71 to $1,232.56 U.S. an ounce.
