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Stocks Suffer Slight Stumble at Open

Jun 12, 2018 (Baystreet.ca via COMTEX) --

Canada's main stock index opened slightly lower on Tuesday, weighed down by losses in energy stocks.

The S&P/TSX Composite Index let go of 10.18 points to commence Tuesday trade at 16,253.11

The Canadian dollar settled 0.08 cents to 76.92 cents U.S.

Enbridge said on Monday it was taking steps to address complaints from oil shipper BP PLC about abrupt changes it made in allocating space on its Mainline system.

Enbridge shares were unchanged at $41.90

BMO starts coverage on Aritzia with an outperform rating and a price target of $19.00. Aritzia gained 19 cents, or 1.3%, to $14.48.

IA Securities raised the target price on Mullen Group to $18.25 from $18.00. Mullen Group shares progressed six cents to $15.09.

IA Securities raised the rating on Wesdome Gold Mines to strong buy from buy. Wesdome shares acquired 11 cents, or 4.4%, to $2.63.

U.S. President Donald Trump said on Tuesday he had a good relationship with Justin Trudeau just days after blasting the Canadian prime minister and other U.S. allies over trade.

ON BAYSTREET

The TSX Venture dropped 4.05 points to start out at 764.97

The 12 TSX subgroups were evenly divided, with utilities up 0.3%, while information technology and telecoms each poked up 0.2%.

The half-dozen laggards were weighed most by health-care, down 1%, while energy trailed 0.4%, and materials dropped 0.3%

ON WALLSTREET

U.S. stocks held steady after President Donald Trump and North Korea leader Kim Jong Un signed a historic agreement aimed at establishing a "peace regime" on the Korean peninsula and better relations between the two states.

The Dow Jones Industrials dropped 0.21 points to end Monday at 25,322.10, amid losses in UnitedHealth and Boeing.

The S&P 500 picked up 4.16 points to 2,786.16, as financial and utilities stocks led the index higher.

The NASDAQ added 21.95 points to 7,681.88, thanks to a 0.5% climb in both Netflix and Google-parent Alphabet.

AT&T shares rose 0.3% Tuesday ahead of U.S. District Court Judge Richard Leon's decision on whether to permit its $85-billion deal for Time Warner. While the government or AT&T could appeal Leon's decision, the ruling will have far-reaching implications for dealmaking across the telecommunications and media world.

Several other players in the industries, including Twenty-First Century Fox and Disney, are actively pursuing deals of their own; others, like Verizon, could interpret the ruling as a go-ahead to buy a large content company to compete with AT&T.

Closely watched consumer pricing data, often viewed as an inflation barometer, increased 2.8% in the 12 months through May, the biggest advance since February 2012, after rising 2.5% in April.

A slowdown in the climb of gasoline prices helped dampen the movement upward, though core CPI, which excludes volatile food and energy costs, also rose 0.2%.The year-over-year increase in core CPI is now 2.2%.

Investors are also looking ahead to a meeting of the U.S. Federal Reserve, due to take place on Tuesday and Wednesday.

Fed Chair Jerome Powell and his colleagues are expected to announce a quarter-point increase in interest rates as the central bank seeks to normalize monetary policy with the economy showing signs of health.

Prices for the benchmark for the 10-year U.S. Treasury fell, raising yields to 2.97% from Monday's 2.95%. Treasury prices and yields move in opposite directions.

Oil prices gained 26 cents at $66.36 U.S. a barrel.

Gold prices slipped one dollar at $1,302.20 U.S. an ounce.

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