Equities in Canada’s biggest market gave up their gains and straddled the flatline by the closing bell on Tuesday, as downward moves by tech stocks overrode advances in the consumer discretionary and health-care fields.
The S&P/TSX Composite Index settled into the red 1.62 points to close Tuesday at 15,256.35
The Canadian dollar recovered 0.10 cents to 78.96 cents U.S.
Among consumer discretionary issues, Ritchie Bros Auctioneers rallied $2.87, or 8.3%, to $37.64 after it reported quarterly revenue that was better than forecast.
Shares in Magna International climbed $1.17, or 1.9%, to $61.47.
Valeant Pharmaceuticals International was among the most influential issues on the index, jumping 64 cents, or 3.3%, to $19.79 after the company reported better-than-expected quarterly results and said it would hit its debt repayment target ahead of schedule.
Canopy Growth also fared well, picking up 15 cents, or 1.7%, to $9.03.
Industrials were also positive, with Bombardier clearing the breakeven line by two cents, to $2.62, while Air Canada was cleared for takeoff 27 cents, or 1.3%, to $21.94.
Great Canadian Gaming surged $4.73, or 18.6%, to $30.16, after it was announced that the casino operator and Brookfield Business Partners would acquire key Toronto area gaming assets and have exclusive rights to operate the assets for at least 22 years.
BlackBerry took it on the chin 54 cents, or 4.5%, to $11.41 after Goldman Sachs resumed coverage of the company with a sell rating on Monday, when Canadian markets were closed for a holiday. Goldman Sachs said rising competition in enterprise mobility outweighed BlackBerry's automotive opportunities.
Software maker Open Text Corp fell $2.07, or 4.8%, to $41.55.
Gold stocks evaporated, mainly, Barrick Gold, which faded nine cents to $20.93, while Goldcorp dropped five cents, or nearly 1%, to $5.24.
Energy stocks were also in the red, most notably, Suncor, off 12 cents to $41.61, while TransCanada Corp. was upended 66 cents, or 1%, to $63.45.
ON BAYSTREET
The TSX Venture Exchange declined 0.51 points to 765.17
Still, seven of the 12 TSX subgroups were positive on the day, as consumer discretionary stocks improved 0.8%, health-care moved north 0.7%, and industrials muscled higher 0.4%.
The five laggards were weighed most by information technology issues, skidding 1.7%, while gold lost 0.6%, and energy faded 0.4%
ON WALLSTREET
U.S. stocks closed lower on Tuesday after President Donald Trump warned North Korea, saying that threats will be "met with fire and fury."
The Dow Jones Industrials retreated from record intraday highs, down 33.08 points to 22,085.34, bringing a 10-day win streak to a close.
The S&P 500 sifted off 5.99 points to 2,474.92, also down from a record high, with materials leading decliners.
The NASDAQ sank 13.31 points to 6,370.46
Trump made his remarks just hours after revelations Pyongyang had successfully created a miniaturized nuclear weapon designed to fit inside its missiles.
Disney is scheduled to release its earnings after the close Tuesday. Investors will be looking for clues about the company's cable business, especially ESPN.
As of Friday morning, calendar second-quarter earnings had grown 10.1%. S&P Capital IQ originally forecast earnings to grow by 6.2%.
Michael Kors and Ralph Lauren both posted better-than-expected earnings, sending their stocks higher by 21.5% and 13.3%, respectively.
Bond yields gained after the jobs openings and labour turnover survey (JOLTS for short) showed a record number of job openings for June.
Prices for the benchmark 10-year Treasury note backtracked slightly, raising yields to 2.27% from Monday’s 2.26%. Treasury prices and yields move in opposite directions.
Oil prices dipped 27 cents to $49.12 U.S. a barrel
Gold prices recouped $1.20 to $1,265.90 U.S. an ounce.
