TSX follows commodities prices lower, slumps for second consecutive day

TORONTO -- The Toronto stock market was in its second day of a post-Christmas slump Wednesday as Canada's main index followed lower commodity prices.

See Full Article

At mid-afternoon, the S&P/TSX index was off 90.60 points at 13,155.15 after having lost 64 points Tuesday when traders returned after the Boxing Day holiday.

On commodity markets, the February contract for benchmark oil was down $1.30 at US$36.57 a barrel and the energy sector was the leading decliner on the TSX, down 2.61 per cent.

Elsewhere in commodities, February natural gas retreated 16 cents to US$2.21 per mmBtu, while February gold fell $8 to US$1,060.00 an ounce.

The Canadian dollar also fell after several sessions of marginal gains, down 0.31 of a cent at 72.03 cents U.S.

New York markets were also lower on weak volume ahead of the New Year's Day holiday on Friday, with energy companies also leading the slide. The Dow Jones was down 45.85 points at 17,675.13, while the broader S&P 500 declined 6.70 points to 2,071.66 and the Nasdaq lost 20.50 points to 5,087.44.

"Volumes are extremely light, both on the equities and fixed-income side, so you have to take any movements that occur on a daily basis right now with a bit of a grain of salt," said Jason Pride, director of investment strategy at Glenmede Trust.

In corporate news, Bridgestone announced late Tuesday that it is bowing out of the bidding war for Pep Boys (NYSE:PBY), saying it won't make a counter-offer to top a roughly US$1 billion bid for the auto parts and services retailer from activist investor Carl Icahn. The news sent Pep Boys down 53 cents, or 2.82 per cent, to US$18.41.

Elsewhere, stock in Weight Watchers International (NYSE:WTW) posted a hefty advance after announcing an advertising campaign featuring Oprah Winfrey, who owns a 10 per cent stake in the company. The stock added $4.56 to US$29.93.

In Europe, trading volumes were low on the last full day of the year ahead of the New Year's holiday. Many European markets will be open for only a half day Thursday.

Germany's DAX fell 1.1 per cent, while France's CAC 40 lost 0.5 per cent. Britain's FTSE 100 slipped 0.6 per cent.

Markets in Asia were mixed. Japan's Nikkei rose 0.3 per cent, while South Korea's Kospi dipped 0.3 per cent. Hong Kong's Hang Seng fell 0.5 per cent, while the Shanghai Composite added 0.3 per cent.



Advertisements

Latest Economic News

  • Saudis cut tax rate for Aramco ahead of IPO

    Economic CTV News
    RIYADH, Saudi Arabia -- Saudi Arabia on Monday reduced the tax rate for Saudi Aramco as plans move forward to publicly list shares of the state-owned oil giant. The new code, rolled out by royal decree from King Salman, taxes Aramco at 50 per cent on income retroactively starting Jan. Source
  • Justices refuse to hear appeal in music copyright dispute

    Economic CTV News
    WASHINGTON -- The U.S. Supreme Court won't hear an appeal from record companies that want to pursue copyright infringement claims against music site Vimeo for hosting unauthorized recordings from the Beatles, Elvis Presley and other classic artists. Source
  • Canadian marijuana stocks ride high off legalization reports

    Economic CTV News
    TORONTO - Canadian marijuana stocks got a boost Monday following reports that the federal government will introduce a bill next month that aims to legalize pot by July 1, 2018. Shares of Canopy Growth Corp. Source
  • 94-year-old woman honoured for 44 years working at McDonald's

    Economic CTV News
    EVANSVILLE, Ind. -- A 94-year-old Indiana woman is celebrating 44 years of working at McDonald's. The Evansville Courier & Press reports friends and co-workers threw a party for Loraine Maurer, of Evansville, last week. Source
  • Samsung to sell refurbished Galaxy Note 7s after battery fire recall

    Economic CBC News
    Tech giant Samsung Electronics Co. Ltd. said on Monday it plans to sell refurbished versions of the Galaxy Note 7 smartphones that were pulled from markets due to fire-prone batteries. The Note 7s were permanently scrapped in October, roughly two months from the launch of the near-$900 US devices, as more of the phones self-combusted despite a global recall initiated in September. Source
  • Uber grounds self-driving cars after accident in Arizona

    Economic CBC News
    Ride-hailing company Uber has grounded its self-driving car pilot program after an incident in Tempe, Ariz., in which one of its vehicles was rolled on to its side after a collision that wasn't its fault. Local police say a self-driving Uber SUV was operating on its own when it was struck by another vehicle making a left turn at an intersection in Arizona. Source
  • U.S. economy expected to grow slower than Trump pledges, survey finds

    Economic CBC News
    U.S. economic growth is expected to accelerate this year and next, yet remain modest, even if President Trump's promised tax cuts and infrastructure spending are implemented, a survey found. The economy will grow a solid 2.3 per cent this year and 2.5 per cent in 2018, according to 50 economists surveyed by the National Association for Business Economics. Source
  • Retailers offered new, free online course to prevent racial profiling

    Economic CTV News
    HALIFAX -- The Nova Scotia Human Rights Commission has launched a new online course aimed at preventing racial profiling at retail outlets. The free, 20-minute education program -- described as the first of its kind in Canada -- has already attracted attention from businesses in other provinces and the United States. Source
  • N.L. cod stocks on rebound, but still at critically low levels: report

    Economic CTV News
    ST. JOHN'S, N.L. -- A new federal report says northern cod stocks off eastern Newfoundland continue to grow 25 years after a sweeping moratorium, but warns they remain in the "critical zone." The Fisheries and Oceans Canada update concludes fishing should be kept to the lowest possible levels as a precaution. Source
  • United Airlines: Customers 'welcome' to wear leggings

    Economic CTV News
    DENVER -- United Airlines says regular-paying flyers are welcome to wear leggings aboard its flights, even though two teenage girls were barred by a gate agent from boarding a flight from Denver to Minneapolis because of their attire. Source