Equities in Canada’s main stock index retreated on Wednesday as lower industrial metal prices weighed on most miners, although strong quarterly results from two mining companies tempered some of the losses.
The S&P/TSX Composite Index dropped 77.38 points to greet noon at 15,542.27
The Canadian dollar recovered 0.02 cents at 72.97 cents U.S.
Materials descended, as copper prices declined 3.5% to $5,601.50 U.S. a tonne.
Teck Resources declined 5.9% to $26.60, while First Quantum Minerals declined 5.4% to $12.03.
Home Capital Group sank 8.9% to $7.06 after the troubled non-bank lender delayed its first-quarter results.
But gold issues moved skyward as Kinross Gold Corp and Tahoe Resources Inc offset some of the losses and were among the most positive influential movers after the gold miners reported strong results late Tuesday. Kinross jumped 12.2% to $5.15, while Tahoe surged 12.5% to $12.07.
In earnings, newspaper publisher Torstar Corp reported a wider-than-expected loss and shares fell 8.4% to $1.52.
ON BAYSTREET
The TSX Venture Exchange inched down 2.5 points to 793.70
All but one of 12 TSX subgroups were negative by noon, as real-estate, industrials and health-care each slid 0.9%.
The lone gainer was gold, up 0.4%.
ON WALLSTREET
U.S. equities fell on Wednesday as weaker-than-expected iPhone sales from Apple knocked off the NASDAQ composite from a record high.
The Dow Jones Industrial Average gave back 16.43 points to break for lunch at 20.933.46, with Walt Disney weighing the heaviest.
The S&P 500 slumped 5.75 points to 2,385.42, with real-estate leading eight sectors lower.
The tech-rich NASDAQ docked 31.8 points from Tuesday’s all-time high to 6,063.57.
The tech giant said iPhone shipments totaled 50.8 million in the previous quarter, below the expected number of 52 million. Apple's stock declined about 1% in late-morning trade.
That said, the company reported a mixed quarter overall, with adjusted earnings per share topping analyst expectations while revenue fell just short.
This earnings season has been strong thus far, with more than 75% of companies beating profit estimates and about 70% topping sales forecasts as of Friday morning
Data last week showed the U.S. economy grew at its slowest pace in three years in the first quarter. Since then, automakers have reported a drop in vehicle dales for March, which along with the drop in iPhone sales, have added to nerves.
The Federal Reserve could address gross domestic product when it issues a statement at 2 p.m. ET, at the end of its two-day meeting on interest rates. While the central bank is expected to hold interest rates steady, it may hint it is on track for an increase in June.
An ADP report showed U.S. private employers added 177,000 jobs in April, slightly above economists' expectations.
The final Markit services Purchasing Managers Index reading for April hit 53.1 while the Institute for Supply Management’s non-manufacturing reading reached 57.5.
Prices for the benchmark 10-year Treasury note fell, raising yields to 2.3% from Tuesday’s 2.29%. Treasury prices and yields move in opposite directions.
Oil prices picked up 17 cents at $47.83 U.S. a barrel
Gold prices slumped $6.40 at $1,250.60 U.S. an ounce.
