Gold, Tech stocks flourish
Canada’s main stock index lost ground on Tuesday, as losses in industrials and consumer staples weighed on the market.
The S&P/TSX Composite Index forfeited 14.57 points to close Tuesday at 16,263.16
The Canadian dollar strengthened 0.28 cents at 76.11 cents U.S.
Gold stocks led the charge, as Barrick Gold gained 49 cents, or 2.8%, to $17.76, while Goldcorp popped 43 cents, or 2.4%, to $18.48.
Techs also made gains, as BlackBerry jumped 24 cents, or 1.9%, to $12.92. Shopify rumbled ahead $6.14, or 3.2%, to $197.85.
In utilities, Hydro One picked up 16 cents to $20.20, while Fortis Inc. acquired seven cents to $42.09.
Among real-estate concerns, Colliers International Group gained $2.32, or 2.3%, to $102.34.
Among industrial issues, Bombardier declined 13 cents, or 2.5%, to $5.07, while Canadian Pacific Railway capsized $3.98, or 1.7%, to $236.94.
In the consumer staples field, Metro gave back 13 cents to $44.56, while Saputo dipped 46 cents, or 1.1%, to $43.19.
Among health-care concerns, Canopy Growth eased back two cents to $38.40, while Valeant Pharmaceuticals lost 49 cents, or 1.6%, to $30.11.
Libya’s National Oil Corp aimed the move on loadings from Zueitina and Hariga ports, resulting in 850,000 bpd of supplies being disrupted.
Steel pipe maker Tenaris SA is temporarily laying off workers and adjusting production at a Canadian plant because of uncertainty in the steel market following tariffs imposed by the United States
Optimism around North American Free Trade Agreement talks returned following the victory of Mexican leftist Andres Manuel Lopez Obrador, as a top adviser to the presidential winner said Obrador will jumpstart talks to renegotiate the 24-year-old pact.
The White House said on Monday Canada’s decision to enact tariffs on $16.6 billion worth of American goods in retaliation for U.S. tariffs on imports of Canadian steel and aluminum would not help its economy.
The TSX Venture Exchange inched forward 0.61 points to 740.57
Seven of the 12 TSX subgroups were lower on the day, as industrials and consumer staples each surrendered 1.1%, and health-care waned 0.7%.
The five gainers were co-led by gold and information technology stocks, each up 1.5%, while real-estate progressed 0.9%.
Stocks fell on Tuesday as tech shares dropped sharply, offsetting solid gains in energy.
The Dow Jones Industrials tumbled 132.36 points to conclude Tuesday’s session at 24,174.82, with Apple falling more than 1.5%
The S&P 500 dipped 13.49 points to 2,713.22, with tech sliding 1.3%.
The NASDAQ slumped 65.01 points to 7,502.67, as Micron fell 5.3% and Facebook dropped 2.3%.
U.S. markets closed early on Tuesday (1 p.m. EDT) ahead of the Fourth of July holiday.
The moves Tuesday come after stocks eked out a gain on Monday, despite by concerns about a spat between the U.S. and its key trade partners.
President Donald Trump’s administration is set to activate tariffs on Chinese goods worth around $34 billion on Friday, which is widely expected to trigger a tit-for-tat response from Beijing.
Wall Street however, also looked ahead to Friday in anticipation of the latest jobs report, which is expected to be a strong one. Economists expect the U.S. economy to have added 200,000 jobs in June.
Prices for the benchmark for the 10-year U.S.Treasury gained, lowering yields to 2.84% from Monday’s 2.86%. Treasury prices and yields move in opposite directions.
Oil prices slid 26 cents to $73.68U.S. a barrel.
Gold prices advanced $12.60 to $1,254.30U.S. an ounce.
This article provided by NewsEdge.