Markets in Canada’s stock centre plunged lower on Wednesday, as a sharp decline in energy companies, hurt by falling oil prices, offset a broad rally in most other sectors.
The S&P/TSX Composite Index lost 22.44 points to close the last session of May at 15,349.91
The Canadian dollar slumped 0.2 cents at 74.03 cents U.S.
Gold shone brightest, Kinross brightest amongst them, up 15 cents, or 2.6%, to $5.84, while IAMGOLD boosted 27 cents, or 4.7%, to $6.02.
Consumer staples were also positive, as Loblaw Companies picked up 23 cents to $76.35, while Metro Inc. improved 28 cents a shares to $45.24.
Utilities had a stronger day, as Fortis Inc. gained 23 cents to $44.47, while Hydro One strengthened 26 cents, or 1.1%, to $23.74.
Energy stocks continued to dawdle, however, as Suncor Energy dipped 35 cents to $42.28, while Canadian Natural Resources fell 19 cents to $38.94.
Health-care stocks were off as Canopy Growth let go of 20 cents, or 2.6%, to $7.45, while Valeant Pharmaceuticals slipped eight cents to $16.40.
Among financials, Manulife jettisoned 15 cents to $23.33.
On the economic calendar, Statistics Canada reported Canada’s GDP hiked 0.5% in March, following no change in February. Growth was widespread across goods and service-producing industries.
ON BAYSTREET
The TSX Venture Exchange moved lower 5.06 points to 799.9
Seven of the 12 TSX subgroups were positive, as gold surged 1.2%, while consumer staples and utilities each gained 0.5%.
The five laggards were weighed by energy, down 1%, health-care, sliding 0.6%, and financials, poorer 0.4%.
ON WALLSTREET
U.S. equities fell on Wednesday, the last trading day of May, as a drop in the financials sector pressured stocks.
The Dow Jones Industrials came off its lows of the morning, but remained negative 20.82 points to close the session at 21,008.65, Goldman Sachs providing the biggest weight and Pfizer outperforming.
The S&P 500 dropped 1.11 points to 2,411.80, with financials leading seven sectors lower and utilities the best performer.
The NASDAQ was still in the red 4.67 points to 6,198.52, having gained 2.5% in May and notching a seven-month winning streak, its longest since 2013.
The Dow and S&P were also on track to post monthly gains.
Companies in the utility sector sell essentials such as electricity and water, and are typically seen as safer investments. At the close on Wednesday, utilities had risen 10.1% year to date. Those gains, however, pale in comparison to tech's performance in 2017, rising 19.6%.
This was the day of the release of Federal Reserve's Beige Book — a summary of economic conditions in the U.S. by each Fed district — which revealed "some districts noted falling prices for certain final goods, including groceries, apparel and autos."
Prices for the benchmark 10-year Treasury note were unchanged, keeping yields at Wednesday’s 2.21%.
Oil prices sank $1.41 to $48.25 U.S. a barrel
Gold prices gained $5.60 at $1,271.50 U.S. an ounce.
