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Stocks Weighed Tuesday by Energy, Health Issues

Nov 14, 2017 (Baystreet.ca via COMTEX) --

Stocks in Canada's biggest market surrendered in the triple digits Tuesday, as energy and health-care stocks took a collective bath.

The S&P/TSX Composite Index swooned 113.13 points to conclude Tuesday's trading at 15,913.13

The Canadian dollar shed 0.27 cents to 78.52 cents U.S.

The energy group retreated as rising U.S. output pushed oil prices down, with Crescent Point Energy tumbling 74 cents, or 7%, to $9.88, while

Cenovus Energy, which said on Monday it had reached a deal to sell its Weyburn oil facility for $940 million, fell 69 cents, or 4.9%, to $13.24

Health-care stocks also took their lumps, as Aptose Biosciences gave up nine cents, or 3.5%, to $2.50, while Canopy Growth Corporation docked 42 cents, or 2.1%, to $19.96.

Materials stocks were also woozy, as Lundin Mining plummeted 61 cents, or 6.1%, to $9.34, while First Quantum Minerals fell 87 cents, or 5.4%, to $15.35.

One subgroup reporting positive results worked in telecoms, as BCE gained 24 cents to $61.50, while Rogers Communications climbed 69 cents, or 1%, to $67.38.

Gold also made some headway, as Barrick Gold acquired seven cents a share to $17.84, while Agnico Eagle Mines gained 46 cents to $57.82.

ON BAYSTREET

The TSX Venture Exchange tumbled 7.83 points to 794.92

All but two of the 12 TSX subgroups fell on the day, with energy wilting 3.1%, health-care off 1.8%, and materials surrendering 0.8%

The two gaining groups were telecoms, ahead 0.5%, and gold, nicking up 0.4%.

ON WALLSTREET

U.S. stocks fell on Tuesday as shares of General Electric slumped for a second straight day. Concerns about a potential global economic slowdown and U.S. tax reform also dampened investor sentiment.

The Dow Jones industrial average remained negative 30.23 points to 23,409.47, as shares of General Electric slumped for a second straight day.

The S&P 500 dropped 5.97 points to 2,578.87, with energy as the biggest declining sector.

The NASDAQ Composite eased 19.72 points to 6,737.87.

GE shares fell 5.9% to their lowest level since 2011 and have fallen more than 10% over the past two days. The company unveiled a massive restructuring plan and slashed its dividend by 50% at an investor meeting.

Dow-component Home Depot reported earnings and revenue that beat expectations. Same-store sales -- a key metric for retailers -- crushed estimates. The stock rose 1.6%.

TJX Companies, the parent company of TJ Maxx, posted earnings per share that were in line with expectations, while revenue missed. But the company's stock fell after its same-store sales for the quarter remained flat. Analysts expected a gain of 2.3%. TJX shares fell 4%.

Other stocks announcing earnings included Advance Auto Parts Inc

Investors also grew worried about the whether Republican lawmakers would pass a tax plan by year-end. Last week, the Senate unveiled a tax bill that would delay cutting the corporate tax rate to 20% until 2019. The current U.S. corporate tax rate is 35%. The House, meanwhile, wants to vote on its own tax bill this week. The House bill would immediately reduce the corporate rate.

In economic news, the U.S. producer price index rose 0.4% in October. Economists expected an increase of 0.1%.

Prices for the benchmark 10-year Treasury note gained ground Tuesday, lowering yields to 2.38% from Monday's 2.4%. Treasury prices and yields move in opposite directions.

Oil prices sank $1.35 a barrel to $55.41 U.S.

Gold prices gained $1.90 to $1,280.80 U.S. an ounce.

********************************************************************** As of Friday, 11-10-2017 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated an UPTREND on 06-06-2012 for HD @ $49.97. For more informat

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