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

  • First round of NAFTA talks wrap in Washington

    Economic CBC News
    Canada, the United States and Mexico wrapped up their first round of talks Sunday to revamp the NAFTA trade pact, vowing to keep up a blistering pace of negotiations that some involved in the process said may be too fast to bridge deep differences. Source
  • Apple under pressure to dazzle as market slows

    Economic CTV News
    As Apple and Samsung gear up to launch new flagship smartphones, the market leaders are seeking a wow factor that can help them fend off challenges from rising Chinese-based manufacturers. Apple is under particular pressure to dazzle as the culture-changing California iPhone maker looks for a way to maintain its image as an innovation leader in a global market showing signs of slowing. Source
  • From panhandlers to street musicians, not everyone is ready for cashless society

    Economic CTV News
    MONTREAL -- The sound of Anthony Lovison's singing echoes through the corridors of the Montreal subway, reaching commuters' ears long before they see the young brown-haired man and his guitar. Barely a minute into "Heaven's Door," a man walks up with a smile and throws 50 cents into Lovison's open guitar case -- the first customer of the day. Source
  • Eclipse eye safety and airline phone scams: CBC's Marketplace consumer cheat sheet

    Economic CBC News
    Miss something this week? Here's the consumer news you need to know from CBC's Marketplace. Get this in your inbox every Friday. Sign up here. Protect your eyes during the eclipse Planning on watching the eclipse Monday? Regular sunglasses won't be enough to protect your eyes. Source
  • Canadian re-commerce company LXRandCo taking luxury vintage shopping into the future

    Economic CBC News
    You've probably heard of e-commerce. But what about re-commerce? It's the business of buying and selling used items. There's a Canadian company, LXRandCo, that's carving out a niche for itself in this category. It deals in the vintage luxury market, which is growing 14 per cent every year, according to the experts at Canaccord Genuity, a financial services company. Source
  • Canada open to completing NAFTA talks in short order

    Economic CBC News
    Canadian negotiators are open to working on a timeline proposed by the U.S. to complete NAFTA renegotiations before the end of the year, CBC News has learned. A government source, speaking on background, tells CBC News that Canada is willing to work quickly, but will not agree to a bad deal for the sake of meeting a deadline. Source
  • U.S. wants NAFTA talks to wrap up before year's end, but is it possible?

    Economic CBC News
    Canadian negotiators are open to working on a timeline proposed by the U.S. to complete NAFTA renegotiations before the end of the year, CBC News has learned. A government source, speaking on background, tells CBC News that Canada is willing to work quickly, but will not agree to a bad deal for the sake of meeting a deadline. Source
  • B.C. premier and jobs minister sued by fired LNG advocate claiming $5M

    Economic CTV News
    VANCOUVER -- British Columbia's fired liquefied natural gas advocate is suing Premier John Horgan, the province's jobs minister and a New Democrat MP in a lawsuit claiming $5 million in damages. Gordon Wilson alleges in a statement of claim filed in B.C. Source
  • Millennials in Atlantic Canada most optimistic about owning homes

    Economic CTV News
    Do millennials think they can afford to buy a home? If they live in Atlantic Canada, the answer is a lot more likely to be yes. That’s according to a new online survey of 1,000 Canadians aged 25 to 30, conducted by Leger Marketing from real estate firm Royal LePage. Source
  • Can millennials afford to buy a home? It depends where they live

    Economic CTV News
    Do millennials think they can afford to buy a home? If they live in Atlantic Canada, the answer is a lot more likely to be yes. That’s according to a new online survey of 1,000 Canadians aged 25 to 30, conducted by Leger Marketing from real estate firm Royal LePage. Source