Markets in Canada’s largest centre fell on Wednesday as lower oil prices weighed on the shares of energy companies and financials lost ground, offsetting gains for mining stocks as gold rose on U.S. election uncertainty.
The S&P/TSX Composite jettisoned 41.96 points to open Wednesday at 14,736.36
The Canadian dollar gained 0.06 cents to 74.76 cents U.S.
Valeant Pharmaceuticals International said on Tuesday it was in talks with third parties to sell its Salix stomach-drug business and other assets.
Valeant shares fell with a thud, losing $1.36, or 4.4%, to $29.82.
Shopify Inc. reported a bigger quarterly loss on Wednesday as operating expenses jumped 87.5%.
Shopify shares climbed $4.93, or 9%, to $59.87.
TransCanada Corp, Canada's number-one pipeline operator, said on Tuesday that it would sell its U.S. Northeast Power business and do a bought deal common share offering to help fund its acquisition of the Columbia Pipeline Group earlier this year.
TransCanada shares dipped $2.70, or 4.5%, to $57.89.
UBS raised the target price on BRP Inc to $26.00 from $22.00. BRP shares dropped four cents to $25.74.
Desjardins cut the target price on Richmont Mines to $14.75 from $15.00. Richmont shares bolted higher 57 cents, or 4.5%, to $13.15.
CIBC raised the target price on Westjet Airlines to $26.5 from $24.00. Westjet shares shed 54 cents, or 2.4%, to $22.36.
ON BAYSTREET
The TSX Venture Exchange picked up 3.18 points to 782.74
All but three of the 12 TSX subgroups were lower, with health-care ailing 1.8%, and energy and information technology each falling 0.7%.
The three gainers were gold, up 2.3%, materials, up 1.6%, and consumer discretionary plays, eking up 0.01%.
ON WALLSTREET
Stocks south of the border traded mostly lower on Wednesday as investors zeroed in on the conclusion of a Federal Reserve meeting while keeping an eye on the latest presidential election developments.
The Dow Jones Industrials skidded 10.24 points to begin Wednesday at 18,026.86, with Goldman Sachs losing the most.
The S&P 500 moved down 2.14 points at 2,109.58, with energy leading decliners.
The NASDAQ composite index dropped 3.36 points to 5,150.21.
Meanwhile, earnings season continued on Wednesday, with Alibaba and Time Warner, among others, posting quarterly results.
While the Fed is largely expected to keep monetary policy stable this time, investors will listen for clues about a possible rate hike in December.
In economic news, ADP said the U.S. economy created fewer jobs than expected in October, adding 147,000 jobs. ADP's report serves as a preview for the government's monthly nonfarm payrolls report, slated for release Friday morning.
U.S. crude prices fell hard after the American Petroleum Institute reported an inventories build of more than nine million barrels. Official data from the Energy Information Administration is due at 10:30 a.m. ET Wednesday.
Prices for the 10-year Treasury gained ground, lowering yields to 1.82% from Tuesday’s 1.83%. Treasury prices and yields move in opposite directions.
Oil prices sank 84 cents to $45.83 U.S. a barrel
Gold prices hiked $16.20 to $1,304.20 U.S. an ounce.
