Canada’s main stock index opened lower on Tuesday, as both energy and materials stocks tracked weaker commodities, while data showed that foreign investment in Canadian securities was the lowest in six months.
The TSX sank 44.96 points from record levels to open Tuesday at 18,909.79
The Canadian dollar eked up 0.03 cents to 80.17 cents U.S.
CBC News reports Canada will update its guidelines on AstraZeneca Plc’s COVID-19 vaccine to recommend that it be administered to people aged 65 years and older.
Rogers Communications’ efforts to secure its $20-billion acquisition of Shaw Communications Inc could be insufficient to overcome regulatory hurdles and political opposition amid concerns Canadians face some of the world’s highest phone bills.
Shares in Rogers gained $1.53, or 2.5%, to $63.10.
CIBC starts coverage on Loop Energy with an outperform rating, and a price target of $20.00. Loop shares triumphed 20 cents, or 1.4%, to $14.45.
Scotiabank raised the price target on Shaw Communications to $40.50 from $28.50. Shaw gained 89 cents, or 2.6%, to $34.74.
RBC raised the price target on Stella-Jones to $56.00 from $53.00. Stella-Jones dropped 18 cents to $49.01.
On the economic slate, Statistics Canada said foreign investment in Canadian securities totaled $1.3 billion in January, the lowest investment in six months.
Meanwhile, Canadian investors acquired $3.5 billion in foreign securities, down considerably from a $26.9-billion investment in December.
Elsewhere, the Canadian Real Estate Association said home sales recorded over Canadian MLS Systems climbed 6.6% between January and February to set another new all-time record.
ON BAYSTREET
The TSX Venture Exchange skidded 9.32 points to 987.01.
Seven of the 12 TSX subgroups were lower to start the day, with energy trailing Monday’s levels by 2.4%, health-care ailing 2.1%, and materials, worse off 1%.
The five gainers were led by communications, up 1%, information technology, ahead 0.7%, and consumer staples, advancing 0.2%.
ON WALLSTREET
The Dow Jones Industrials and S&P 500 were little changed on Tuesday morning, trading near record highs as Federal Reserve officials kick off their March meeting.
The 30-stock index dropped 64.47 points to 32,888.99
The S&P added to Monday’s record levels, picking up 9.13 points, to 3,978.07,
The NASDAQ Composite leaped 114.02 points to 13,574.25.
On Tuesday Lennar and CrowdStrike are among the companies set to report earnings.
February retail sales fell by more than expected, down 3%, data released Tuesday showed, reflecting in part a month marked by severe weather across the United States. However, January’s retail sales figures were revised upward to a 7.6% jump from a 5.3% increase, so the markets largely ignored the number.
Despite the recent records for major averages, there’s growing concern among investors that interest rates may continue to climb, snuffing out the comeback for equities. Traders will get more guidance from the Federal Reserve on rates and inflation on Wednesday.
The central bank kicks off its two-day meeting on Tuesday, followed by a statement and briefing from Chairman Jerome Powell the following day.
Prices for 10-Year Treasurys were unchanged, keeping yields at Monday’s 1.60%.
Oil prices sagged $1.54 to $63.85 U.S. a barrel.
Gold prices grew $3.50 to $1,732.70.