Equities in Canada’s largest market scrambled back toward the breakeven point on Wednesday, as tech and health-care slumbered, despite stronger performances by consumer staple issues.
The S&P/TSX Composite Index was down 23.73 points to conclude Wednesday at 16,137.57
The Canadian dollar inched higher 0.03 cents to 75.90 cents.
In the tech sector, BlackBerry was bruised 81 cents, or 5.8%, to $13.19, while Constellation Software stumbled $18.00, or 1.8%, to $961.00.
In the health-care area, Aurora Cannabis took its lumps, falling 30 cents, or 3.4%, to $8.65. Bausch Health Companies slouched 51 cents, or 1.8%, to $28.19.
Gold didn’t have the best time of it, either, with Goldcorp tailing off seven cents to $13.39. Kinross Gold dropped two cents to $3.69.
Consumer staples stocks gained, as Loblaw jumped $3.01, or 4.5%, to $69.25, while Metro tallied 61 cents, or 1.5%, to $40.80.
In telecoms, BCE shone 63 cents brighter, or 1.2%, to $53.20, while Rogers Communications added 40 cents to $67.44.
One of the largest percentage gainers on the TSX was gold and copper miner Nevsun Resources, which jumped 87 cents, or 17.5%, to $5.81, on a $1.86-billion buyout from China's Zijin Mining Group Co.
On the economic beat, Statistics Canada reports Canada's merchandise trade deficit with the world narrowed from $743 million in June to $114 million in July, the smallest deficit since the most recent surplus in December 2016.
Exports increased 0.8%, while imports declined 0.4%.
This morning, the Bank of Canada maintained its target for the overnight rate at 1.5%. The Bank Rate is correspondingly 1.75% and the deposit rate is 1.25%
ON BAYSTREET
The TSX Venture Exchange slid 4.98 points to 713.15
Seven of the 12 subgroups were negative on the day, with information technology toppling 1.9%, health-care off 1.4%, and gold, sliding 1%.
The five gainers were led by consumer staples, up 1.3%, telecoms, improving 1%, and real-estate, better by 0.2%.
ON WALLSTREET
A sharp selloff in tech pushed the NASDAQ Composite and S&P 500 lower on Wednesday. Investors also braced for another round of trade negotiations between the U.S. and Canada.
The Dow Jones Industrial Average fought its way into the green 22.51 points at 25,974.99, led by Caterpillar.
The S&P 500 eased 8.12 points to 2,888.60, with tech pulling back 1.5%.
The NASDAQ surrendered 96.07 points, or 1.2%, to 7,995.17, its worst day since Aug. 15, as Facebook, Amazon, Netflix and Alphabet all dropped. Shares of Microsoft and Twitter also fell to drag the index lower.
Tech shares fell as Twitter CEO Jack Dorsey and Facebook COO Sheryl Sandberg testified in front of Congress, addressing online election meddling and how to stop abuse on social platforms.
Netflix shares dropped 6.2%, while Amazon and Microsoft both fell more than 2%. Shares of Facebook collapsed 2.3%, and Twitter dropped 6.1%.
Officials from both nations will meet Wednesday to try and settle differences and secure a future deal on trade. The meeting takes place after the U.S. and Canada failed to secure a new agreement last Friday to replace the current North American Free Trade Agreement (NAFTA) pact.
Prime Minister Justin Trudeau indicated on Tuesday, however, that the country would not bow to certain requests at the talks with the U.S. this week.
Prices for the benchmark for the 10-year U.S. Treasury were unchanged, keeping yields at Tuesday’s 2.9%.
Oil prices handed back 98 cents to $68.89 U.S. a barrel.
Gold prices progressed $3.40 to $1,202.50
