Equity markets in Canada fell at the open on Tuesday and was set to break its three-day winning streak, with shares of lumber products company Canfor Corp leading declines.
The TSX Composite Index moved lower 23.02 points to open Tuesday at 17,033.34
The Canadian dollar nicked up 0.01 cents at 75.98 cents U.S.
Canfor has rejected Great Pacific Capital Corp’s proposal to take it private. Canfor shares backpedaled $3.05, or 19.6%, to $12.51.
JPMorgan raised the target price on Canadian Pacific Railway to $356.00 from $346.00. CP shares dropped 63 cents, or $332.36.
CIBC raised the target price on Cineplex to $34.00 from $29.00. Cineplex shares gave up five cents to $33.90.
JPMorgan raised the target price on First Quantum Minerals to $15.00 from $12.00. First Quantum shares lost eight cents to $13.39.
Canaccord Genuity cut the target price on Hexo to $2.50 from $2.75. Hexo inched up two cents to $2.87.
On the economic slate, Statistics Canada manufacturing sales declined 0.7% to $57.1 billion in October, the second consecutive monthly decrease.
The agency said lower sales in the transportation equipment and fabricated metal product industries were partly offset by higher sales in the petroleum and coal product industry.
ON BAYSTREET
The TSX Venture Exchange gained 0.08 points to 541.69
All but three of the 12 subgroups pointed downward, with health-care slumping 0.7%, while information technology and communications each shed 0.5%.
The three gainers were energy, ahead 1.1%, gold, better by 0.4%, and real-estate, up 0.2%.
ON WALLSTREET
The S&P 500 rose slightly and hit an all-time high on Tuesday as investors built on four straight days of gains.
The Dow Jones Industrials added 17.96 points, on top of Monday’s all-time high to 28.253.85
The S&P 500 gained 2.05 points from Monday’s record close to 3,193.50
The NASDAQ brushed off 0.26 points from Monday’s all-time high to begin trading at 8,813.97.
The S&P 500 came into Tuesday’s session up 27.3% year to date, its biggest annual gain since 2013. The Dow acquired 21% and the NASDAQ was up 32.8%.
Gains were kept in check by a 1.1% drop in Boeing. The aerospace giant fell on news it will suspend production of its 737 Max jet next month.
On the data front, U.S. housing starts rose more than expected in November as building permits surged to a 12½-year high.
Prices for the 10-Year U.S. Treasury were static, keeping yields at Monday’s 1.88%.
Oil prices added 45 cents to $60.66 U.S. a barrel.
Gold prices moved forward 40 cents at $1,480.90 U.S. an ounce.