Equities in Toronto remained negative Tuesday noon EST, weighed down by energy and materials stocks, as the country’s political turmoil turned investors risk averse.
The TSX came off its lows of the morning, but still trailed breakeven by 45.5 points to move into lunch hour Tuesday at 25,101.71.
The Canadian dollar fell 0.4 cents to 69.86 cents U.S.
Heavyweight energy stocks fell the most, after oil prices dipped as Chinese economic data renewed demand concerns. Shares in Kelt Exploration slid 29 cents, or 4.6%, to $6.09, while those for Arc Resources subsided 93 cents, or 3.7%, to $24.17.
Real-estate stocks tried to provide some sunshine amid the gloom, as units in Interrent REIT captured 32 cents, or 3.1%, to $10.62, while Canadian Apartment REIT gained 76 cents, or 1.7%, to $44.44.
In economic news, Statistics Canada’s Consumer Price Index rose 1.9% on a year-over-year basis in November, down from a 2.0% increase in October. On a seasonally adjusted monthly basis, the CPI rose 0.1% in November.
Elsewhere, the agency said foreign investors increased their exposure to Canadian securities by $21.5 billion in October, a second consecutive month marked by significant investment activity. Meanwhile, Canadian investors reduced their holdings of foreign securities by $2.6 billion, the first divestment since January.
Lastly, the new housing price index edged up 0.1% on a month-over-month basis in November. Prices were up in eight of the 27 census metropolitan areas surveyed, while prices were unchanged in 15 CMAs and declined in four.
ON BAYSTREET
The TSX Venture Exchange slid 6.64 points, or 1.1%, to 594.61
Eight of the 12 TSX subgroups were lower, weighed most by energy, down 1.4%, while materials skidded 0.7%, and gold lost 0.6%.
The four gainers were led by real-estate, advancing 0.4%, consumer discretionary, eking up 0.3%, and health-care, inching up 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average was threatening to enter the history books Tuesday with its first nine-day losing streak since the 1970s in sight.
The 30-stock index tumbled 261.81 points to 43,455.67, after a losing streak of eight straight sessions.
The S&P 500 index declined 17.97 points to 6,056.11
The tech-heavy NASDAQ remained in the red 29.59 points to 20,144.30.
The Dow’s losing streak began the day after it closed above 45,000 for the first time ever earlier in the month.
Driving the Dow’s losses has been a rotation into technology stocks and out of some of the more old-economy stocks that gained in November following the re-election of Donald Trump. Those stocks dominate the Dow, rather than tech.
What’s strange, however, is that Nvidia, a new tech member of the Dow that joined in November, has also struggled despite the tech sector’s recent gains, slipping into correction territory Monday.
Tesla was higher again on Tuesday, though Broadcom lost 3.6%.
November’s retail sales figure, out Tuesday, came in better than economists expected, adding to concern that the Fed may be taking unnecessary action.
Prices for the 10-year Treasury gained a bit of ground, lowering yields to 4.38% from Monday’s 4.40%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.21 to $69.50 U.S. a barrel.
Prices for gold faded $18.10 an ounce to $2,651.90 U.S.
