Markets in Toronto was pushed lower on Wednesday by sharp declines among gold mining stocks as the precious metal slid to a nine-month low.
The S&P/TSX Composite slid 49.21 points to begin Wednesday at 15,051.17
The Canadian dollar sank 0.24 cents at 74.16 cents U.S.
Baytex Energy has agreed to buy heavy oil production assets in the Peace River region of northern Alberta in a deal worth $65 million
Baytex shares collapsed 26 cents, or 4.7%, to $5.24.
Canaccord Genuity raised the target price on the Bank of Nova Scotia to $78.00 from $75.00. Scotiabank shares gained a penny to $72.67
Bank of Montreal rose 0.8% to $89.10, and Manulife Financial added 0.3% to $23.60.
Canaccord Genuity raised the target price on Royal Bank of Canada to $95.00 from $89.00. RBC shares took on 16 cents, or 0.2%, to $89.41.
Barrick Gold Corp fell 4.9% to $19.63, and Goldcorp declined 5.1% to $17.22. Kinross Gold lost 8% to $4.27.
Potash Corp slipped 0.4% to $23.97. The world's biggest fertilizer maker by capacity said it was reducing output and cutting jobs as the sector struggles with weak prices.
Suncor Energy declined 0.6% to $42.37.
ON BAYSTREET
The TSX Venture Exchange lost 9.28 points to 723.35
Seven of the 12 TSX subgroups were lower Wednesday as gold tapered off 3.9%, materials sank 2.7%, and energy fell 0.5%
The five gainers were led by consumer staples, nudging up 0.2%, while utilities and information technology squeezed ahead 0.1% each.
ON WALLSTREET
U.S. stocks traded mostly lower on Wednesday as investors digested a number of economic data reports a day after hitting record highs.
The Dow Jones Industrials lopped off 4.11 points to open Wednesday at 19,019.76, with Caterpillar contributing the most gains and IBM the most losses.
The S&P 500 slid 5.5 points to 2,197.44, as real estate fell more than 1% to lead decliners.
The NASDAQ composite index dropped 24.52 points to 5,361.83
In corporate news, Juno Therapeutics shares plunged more than 30% in the pre-market after the firm announced complications with a drug trial. Meanwhile, Eli Lilly's stock tanked after an experimental drug designed to fight Alzheimer's disease failed a trial.
Weekly jobless claims increased 18,000 to a seasonally adjusted 251,000 for the week ended Nov. 19, the U.S. Labor Department said on Wednesday. That said, claims have now been below 300,000, a threshold associated with a healthy labour market, for 90 straight weeks.
Meanwhile, the Commerce Department said U.S. durable goods increased 4.8% in October, well above a 1.5% consensus estimate.
Other data released Wednesday included the IHS Markit manufacturing index for November, which showed a slight increase to 53.9 from 53.4 in October. A reading above 50 signals expansion within the sector.
New home sales for October fell 1.9%, while consumer sentiment came in at 93.8, above a 91.6 estimate. The minutes from the Federal Reserve's meeting earlier this month are due for release at 2 p.m. ET. Experts said market expectations for a rate hike next month are more than 95%.
Treasury prices for the 10-year note dropped early on, raising yields back to 2.39% from Tuesday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices shed 40 cents to $47.63 U.S. a barrel
Gold prices dropped $24.80 to $1,186.40 U.S. an ounce.
