Equities in Toronto fell to a one-month low on Tuesday as heavyweight financial shares lost ground, while gold mining stocks rose as the price of gold benefited from nervous financial markets.
The S&P/TSX Composite plummeted 83.3 points to greet noon at 15,321.82. For the month, it was still on track to rise 0.2%.
The Canadian dollar bolted 0.39 cents at 76.7 cents U.S.
Financials fell, with Royal Bank of Canada down nearly 1% at $93.14.
Imperial Oil Ltd. reported a sharp rise in fourth-quarter profit, helped by a gain from the sale of its service stations. Still, its shares fell 0.4%.
The materials group, which includes precious and base metals miners and fertilizer companies, gained as copper climbed on concern over potential supply disruptions in Chile and a weakening U.S. dollar and gold rallied to its highest in nearly a week on safe-haven demand.
Copper prices advanced 2% to $5,937 U.S. a tonne and gold futures rose, while mining company Silver Wheaton Corp gained 4.2% to $29.01.
On the economic beat, Statistics Canada reported that November gross domestic product rose for the fifth time in six months, up 0.4% in November.
The nation’s number-crunchers said the hike was powered by higher output in manufacturing, mining, quarrying, and oil and gas extraction, finance and insurance and construction.
The agency also said its industrial product price index rose 0.4% in December, led mainly by higher prices for energy and petroleum products.
The raw materials price index increased 6.5%, mainly due to higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange remained afloat 4.07 points to 806.31
Eight of the 12 subgroups lost ground as information technology stepped back 1.6%, financials plummeted 1.1%, and consumer staples lost 1%.
The four gainers were led by gold, up 2.3%, materials, up 1.1%, and utilities up 0.4%.
ON WALLSTREET
U.S. equities fell on Tuesday, the last trading day of the month, as investors continued to evaluate the latest policies from the White House, while a slew of companies posted quarterly results.
The Dow Jones Industrials dropped 160.79 points to 19,810.34, with Goldman Sachs losing the most.
The S&P 500 surrendered 12.26 points to 2,268.64, with industrials falling more than 1% to lead decliners.
The NASDAQ slouched 35.92 points to 5,577.79.
Investors also had to contend with several quarterly reports from major companies. Under Armour shares tanked more than 20% after the firm missed Wall Street estimates on sales and profit.
Dow component Exxon Mobil's results also fell short of analyst estimates. The firm said its U.S. upstream business lost $2.3 billion in the fourth quarter of 2016, while its downstream segment made $1.2 billion. Firms scheduled to report after the close Tuesday include tech giant Apple, U.S. Steel and Anadarko Petroleum.
In economic news, U.S. labour costs rose less than expected in the fourth quarter, pointing to low inflation even as anecdotal evidence suggests that wage growth is picking up as the labour market tightens.
The U.S. Labor Department said the Employment Cost Index, the broadest measure of labor costs, increased 0.5% after rising 0.6% in the third quarter.
Meanwhile, the Chicago Purchasing Managers Index adjusted January index reading came in at 50.3, below December's 53.9. Consumer confidence hit 111.8, below an estimate of 113.
Investors also kept an eye on the Federal Reserve as the U.S. central bank kicked off its first monetary policy meeting of the year. The Fed is scheduled to release its latest policy decision on Wednesday, with market participants largely expecting interest rates to remain unchanged.
On Monday, President Donald Trump signed an executive order that aims at dramatically slashing regulations. That said, investors and traders around the globe focused on another executive order — signed late Friday — that barred entry of certain nationals into the U.S.
Prices for the benchmark 10-year Treasury note vaulted, lowering yields to 2.44%, from Monday’s 2.49%. Treasury prices and yields move in opposite directions.
Oil prices gained 67 cents to $53.30 U.S. a barrel
Gold prices picked up $19 to $1,215 U.S. an ounce.
