Equities in Canada’s biggest market took some hits Thursday, including losses for energy and financial stocks as U.S. Federal Reserve interest rate hike speculation weighed on commodity prices.
The S&P/TSX Composite Index tumbled 106.78 points to greet noon hour at 13,719.23
The Canadian dollar slid 0.59 cents to 76.14 cents U.S.
Among the top decliners was First Quantum Minerals, down 31 cents, or 3.6%, to $8.42, while Canadian Natural Resources dropped $1.02, or 2.7% to $36.99.
The energy group retreated, with Enbridge dropping 94 cents, or 1.8%, to $51.43.
The financials group slipped as Manulife Financial lost 31 cents, or 1.7%, to $18.38.
Industrials fell, as Bombardier dropped a penny to $1.98.
On the economic slate, Statistics Canada reported that wholesale sales declined for a second consecutive month in March, down 1.0% to $54.6 billion. Lower sales were recorded in five of seven sub-sectors, led by the motor vehicle and parts sub-sector and the miscellaneous sub-sector
What’s more, in March, 545,700 people received regular Employment Insurance benefits, fewer by 2,400, or 0.4%, from the month before. The number has changed very little since last fall.
ON BAYSTREET
The TSX Venture Exchange nicked up 0.26 points to 674.51
All but three of the 13 TSX subgroups were lower by noon hour, with health-care sinking 1.5%, while energy and real-estate each lost 1.4%.
The three gainers were gold, shining 3.4%, materials, up 2.3%, and metals and mining, up 0.9%.
ON WALLSTREET
U.S. stocks traded lower Thursday, amid declines in oil prices, after Wednesday's release of the U.S. Federal Reserve meeting minutes indicated a rate hike is possible as soon as June if the data improves.
The Dow Jones Industrials stumbled 140.93 points to 17,385.69, falling into the red for 2016. Goldman Sachs, Boeing and 3M contributed the most to declines in the Dow 30
The S&P 500 lost 19.8 points to 2,027.83, with telecoms leading eight sectors lower and materials and consumer staples the only gainers.
The NASDAQ Composite faltered 48.35 points to 4,690.77
Shares of Wal-Mart traded about 9% higher after better-than-expected quarterly results
In the day's economic news, weekly jobless claims declined to 278,000, after three weeks of increases. The May Philly Fed index showed minus 1.8.
Prices for the 10-year Treasury weakened, raising yields back to Wednesday’s 1.85%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.15 a barrel to $47.04 U.S.
Gold prices dumped $5.96 to $1,252.54 U.S. an ounce.
