Down Day Wednesday on TSX - InvestingChannel

Down Day Wednesday on TSX

Markets in Toronto cooled off a mite Wednesday from the heat of the past few sessions, weighed by health-care and consumer staples.

The TSX Composite Index dipped 43.22 points to close Wednesday at 17,031.98

The Canadian dollar gained 0.29 cents at 76.27 cents U.S.

In health-care, Aurora Cannabis dropped 22 cents, or 7.1%, to $2.86, while rival HEXO faded 23 cents, or 8.3%, to $2.54.

In consumer staples, Alimentation Couche-Tard faded 76 cents, or 1.8%, to $42.16, while Empire Company retreated 59 cents, or 1.9%, to $30.88.

In the communications field, Rogers sagged 92 cents, or 1.5%, to $62.74, while BCE hesitated 86 cents, or 1.4%, to $60.65.

Gold was among those subgroups that tried to balance things out, with Barrick Gold advancing 57 cents, or 2.5%, to $23.47, while Eldorado Gold gained nine cents, or 1%, to $9.50.

Techs had a good day, as EXFO picked up 12 cents, or 2.1%, to $5.86, while Quarterhill acquired three cents, or 1.9%, to $1.58.

Real-estate also gained, as FirstService conquering $2.50, or 2.1%, to $120.43, while Colliers International picking up $1.19, or 1.3%, to $95.69

On the economic slate, Statistics Canada reported 448,100 people received regular employment insurance benefits in October, similar to the previous month.

The agency also said its consumer price index rose 2.2% on a year-over-year basis in November, following a 1.9% increase in each of the previous three months.

On a seasonally-adjusted monthly basis, the CPI rose 0.1% in November.

ON BAYSTREET

The TSX Venture Exchange fell 4.84 points to 538.71

Eight of the 12 subgroups lost ground, with health-care tumbling 2.9%, while consumer staples faded 1.1%, and communications lost 0.9%.

The four gainers were led by gold, up 0.6%, while information technology and real-estate advanced 0.4% each.

ON WALLSTREET

Stocks slipped on Wednesday, reversing gains late in trading after Wall Street fell short of extending its winning streak to six days. Gains were kept in check while investors digested weak earnings from shipping giant FedEx.

The Dow Jones Industrials lost 27.88 points to finish at 28,239.28

The S&P 500 subtracted 1.38 points to 3,191.14, retreating from an all-time high, and ending its win streak at five, its longest string since November.

The NASDAQ added 4.38 points to Tuesday’s all-time record, at 8,827.74.

The S&P 500 has rallied more than 27% year to date and is on pace for its biggest one-year gain since 2013. The Dow has surged this year by 21%, the NASDAQ by 33%.

But the major averages struggled to post gains on Wednesday after FedEx shares dropped more than 9% on disappointing quarterly numbers. The company’s earnings and revenue missed analyst expectations. FedEx also cut its guidance for the rest of its fiscal year.

FedEx cited weaker economic conditions across the globe and losing a “large customer.”

General Mills shares climbed more than 1.9% after the company posted a quarterly profit that topped analyst expectations. General Mills also reaffirmed its fiscal year earnings outlook.

Prices for the 10-Year U.S. Treasury were lower, raising yields to 1.93% from Tuesday’s 1.88%. Treasury prices and yields move in opposite directions.

Oil prices gained back four cents to $60.98 U.S. a barrel.

Gold prices moved backward $1.50 at $1,479.10 U.S. an ounce.