Canadian stocks slipped a fourth day on Tuesday, the longest losing streak in almost two months, as economic data showed exports posted their biggest fall since the recession and amid simmering concerns that weakness in global growth will deepen.
The S&P/TSX Composite Index moved off its lows of the morning, but was 31.49 points below breakeven to close the day at 13,304.66
The Canadian dollar remained negative 0.43 cents to 75.98 cents U.S.
While the Canadian benchmark equity gauge has lost 1.54% during those four days, the index is still up 2.3% this year and remains one of the best-performing developed markets in the world.
Raw-materials producers climbed as a group as gold producers advanced the most in a week. Barrick Gold climbed 82 cents, or 4.7%, to $18.46, and Kinross Gold Corp. added 22 cents, or 5%, to $4.66.
Among consumer staples, Metro stepped back $1.06, or 2.4%, to $43.90, while rival grocer Loblaw tumbled $1.76, or 2.4%, to $70.99.
The energy group retreated as EnCana dropped 15 cents, or 2%, to $7.55, and Suncor Energy lost 26 cents to $35.07.
Valeant Pharmaceuticals International surged $3.44, or 10%, to $37.77, rebounding from a 2011 low. The drug maker said a special "ad hoc" board committee found no additional accounting issues that would require more restatements and the company plans to file its annual report on or before April 29.
On the economic front, our international merchandise trade deficit with the world widened from $628 million in January to $1.9 billion in February, according to Statistics Canada.
The agency went on to say Canada's exports fell 5.4% to $43.7 billion in February, after reaching a record high in January. Export prices decreased 3.2% and volumes were down 2.2%. Imports declined 2.6% to $45.6 billion, as prices were down 1.4% and volumes decreased 1.2%.
ON BAYSTREET
The TSX Venture Exchange clung to gains of 0.71 points to end Tuesday at 583.46
Seven of the 13 TSX subgroups were lower on the day, as consumer staples trailed 1.6%, telecoms slid 0.9%, and utilities shed 0.6%.
The half-dozen gainers were led by gold, up 6.7%, materials, up 1.9%, and metals and mining, gaining 0.7%.
ON WALLSTREET
Equities in the States closed lower Tuesday, following declines in overseas developed markets on soft data, despite gains in oil prices and better U.S. data.
The Dow Jones Industrials fell 133.68 points to 17,603.32. Boeing gained the most, while UnitedHealth contributed the most to declines.
The S&P 500 docked 22.17 points, or 1%, to 2,043.96. Utilities, the second-best performer in the S&P 500 year-to-date, proved the greatest decliner in the S&P 500 as all 10 sectors traded lower. Health-care and financials, the only S&P 500 sectors negative year-to-date, were just behind.
The NASDAQ index docked 47.86 points, or 1%, to 4,843.93.
Shares of Allergan fell more than 15% to a 52-week low after the Treasury Department late Monday took new steps to curb tax-avoiding "inversion" deals in which a U.S. company reincorporates overseas following the purchase of a foreign company. Dublin-based Allergan had agreed to be bought by Pfizer in the biggest inversion deal ever.
In corporate news, Disney unexpectedly announced late Monday that Thomas Staggs, chief operating officer and a potential successor to CEO Bob Iger, will leave the company this year. Shares of Disney were off more than 1.5% in afternoon trade as one of the greatest contributors to declines in the Dow.
On the economic front, the Institute for Supply Management non-manufacturing Purchasing Managers Index came in at 54.5, up from February's 53.4 print. The U.S. Markit services PMI for March came in at 51.3, up from 49.7 in February.
The February JOLTS report showed the number of hires increased to 5.4 million, the highest level since November 2006.
Prices for the 10-year Treasury gained sharply, lowering yields back to 1.72% from Monday’s 1.77%. Treasury prices and yields move in opposite directions.
Oil prices gained 23 cents a barrel to $35.95 U.S.
Gold prices spiked $14.43 to $1,229.86 U.S. an ounce.
