Equities in Canada’s largest centre fell for the fifth time in six sessions on Thursday, as energy producers declined to overshadow a continued resurgence by Valeant Pharmaceuticals International Inc.
The S&P/TSX Composite Index dropped 81.02 points to close Thursday at 13,266.44
The Canadian dollar slid 0.32 cents to 76.07 cents U.S.
Gold producers rallied as the price of the metal jumped to a one-week high after Fed minutes Wednesday indicated caution on interest rate increases.
Barrick Gold climbed 83 cents, or 4.5%, to $19.11, while rival Goldcorp gained 47 cents, or 2.2%, to $21.49.
Among base metals stocks, First Quantum Minerals sank 88 cents, or 13.7%, to $5.54, while Teck Resources tumbled $1.10, or 10.8%, to $9.08.
Valeant added $1.93, or 4.3%, to $46.70, for a third day of gains after winning the support of lenders to waive a default and ease some restrictions on its loan terms. Valeant now has until May 31 to file its annual report, and July 31 to file its first-quarter report.
Among information technology concerns, BlackBerry lost eight cents to $9.19.
On the economic front, Statistics Canada reported building permits for February grew to $7.4 billion in February, up 15.5% from January.
The agency says this growth followed a 9.5% decline the previous month and was largely the result of higher construction intentions for commercial buildings in Alberta, single-family dwellings in Ontario and institutional structures in Quebec
ON BAYSTREET
The TSX Venture Exchange popped 10.05 points to 597.43
Nine of the 13 TSX subgroups were lower, with metals and mining stocks tumbling 8.8%, information technology off 1.6%, and financials drooping 1.5%.
The four gainers were led by gold, up 3%, materials, up 0.9%, and health-care, ahead 0.4%.
ON WALLSTREET
U.S. stocks closed about 1% lower or more Thursday, with financials leading declines.
The Dow Jones Industrials plunged 174.09 points, or 1%, to 17,541.96, with Verizon leading decliners and McDonald's leading advancers.
The S&P 500 subtracted 27.19 points, or 1.3%, to 2,039.47, with financials leading all sectors lower.
The NASDAQ index lost 72.35 points, or 1.5%, to 4,848.37, as Apple declined more than 2.5%
In corporate news, BTIG cut its price target on Apple to $130.00 from $141.00 U.S. on lowered expectations for iPhone demand. The firm no longer expects the iPhone maker to return to revenue growth this fiscal year and forecasts a four percent decline in revenue for the year.
Shares of Yahoo spiked before trading lower after Bloomberg reported that Verizon could make an offer next week for both Yahoo's web business and Yahoo Japan.
Continued strength in the yen against the dollar renewed concerns about global growth and the effectiveness of central bank policy. The Japanese yen moved near 108.3 yen against the U.S. dollar in afternoon trade after earlier trading near 107.7, a fresh high against the greenback going back to October 2014.
Stateside, weekly jobless claims came in at 267,000. U.S. consumer credit rose by a seasonally-adjusted $17.22 billion in February from the prior month.
Prices for the 10-year Treasury gained, lowering yields to 1.69% from Wednesday’s 1.75%. Treasury prices and yields move in opposite directions.
Oil prices fell short 25 cents a barrel to $37.50 U.S.
Gold prices leaped $17.99 to $1,240.46 U.S. an ounce.
