Equities on Wrong Foot to Start Tuesday

Semafo, Altagas in Focus

Stock indexes in Toronto opened lower on Tuesday, easing from an all-time high hit in the previous session, after a drop in oil prices dragged down energy stocks.

The TSX Composite Index lost 41.49 points to lead off Tuesday at 16,983.62

The Canadian dollar inched 0.07 cents higher to 75.65 cents U.S.

TC Energy said it expects comparable earnings before interest, taxes, depreciation and amortization to exceed $10 billion in 2022, driven by long-term contracts and assets. TC shares galloped 39 cents to $68.32

About 3,000 workers of Canadian National Railway went on strike, after both parties failed to resolve contract issues. CN shares dropped 52 cents to $123.24.

Five months before an ambush killed 39 colleagues, local workers at a Semafo mine in Burkina Faso pleaded with managers to fly them to the site rather than go by a road that was prone to attacks. Semafo shares docked three cents, or 1.1%, to $2.72.

BMO resumed coverage on Altagas with an outperform rating and price target of $23. Altagas dropped a nickel to $20.00.

TD Securities cut the rating on Methanex to hold from buy. Methanex slid $2.06, or 3.9%, to $50.73.

Canaccord Genuity initiated coverage on HLS Therapeutics with a buy rating and a $22.50 target price. HLS shares increased 19 cents, or 1%, to $19.02.

On the macroeconomic front, Statistics Canada said this country’s manufacturing sales edged down 0.2% in September to $57.4 billion, following a 0.8% increase in August.

ON BAYSTREET

The TSX Venture Exchange faded 1.38 points at 523.54

The 12 Toronto subgroups were evenly divided, as health-care led the gainers, up 0.2%, while consumer staples and gold each inched up 0.1%

The half-dozen laggards were weighed most by energy, doffing 0.9%, real-estate, fading 0.7%, and industrials, off 0.4%.

ON WALLSTREET

Stocks hit fresh record highs on Tuesday but quickly faded fro those levels as losses in Home Depot and Kohl’s outweighed a rise in Boeing shares.

The Dow Jones Industrial Average fell 49.13 points to 27,987.09

The S&P 500 subtracted 0.62 points to 3,121.41

The NASDAQ added 14.16 points to Monday’s all-time high to 8,564.10

Home Depot and Kohl’s both dropped on the back of weaker-than-expected same-store sales data for the previous quarter. Home Depot pulled back more than 2% while Kohl’s tanked 16.4%.

Meanwhile, Boeing shares rose 0.6% after wrangling up 50 orders for the embattled 737 Max jet at the Dubai Air Show. One order for 20 planes came from an undisclosed buyer while a Kazakhstan-based airline put in another one for 30 planes.

Prices for the 10-Year U.S. Treasury acquired some new ground, lowering yields to 1.8% from Monday’s 1.82%. Treasury prices and yields move in opposite directions.

Oil prices dipped $1.01 to $56.04 U.S. a barrel.

Gold prices were worse off $1.40 to $1,470.50 U.S. an ounce.