Jun 12, 2019 (Baystreet.ca via COMTEX) —
Equities in Canada’s largest market dropped at the open on Wednesday, as the energy sector was weighed down by a near 2% plunge in crude oil prices.
The S&P/TSX Composite Index let go of 29.88 points to begin the mid-week session at 16,218.88
The Canadian dollar faded 0.03 cents to 75.26 cents U.S.
RBC cut the target price on AGF Management to $6.00 from $6.50. AGF shares backed off 11 cents, or 2.1%, to $5.25.
GMP raised the price target on Parex Resources to $32.00 from $31.00. Parex shares dipped 44 cents, or 2.1%, to $20.54.
The TSX Venture Exchange nicked up 0.48 points to start Wednesday to 589.80
Eight of the 12 Toronto subgroups were positive in the first hour, as gold towered 1.1%, materials and consumer staples strengthened 0.5% each.
The four laggards were weighed most by energy, skidding 1.2%, health-care, waning 0.7%, and financials, down 0.4%.
Stocks fell for a second day on Wednesday as Wall Street took a pause following a strong rally to kick off June.
The Dow Jones Industrial Average dwindled 6.02 points to 26,042.59.
The S&P 500 was unchanged at 2,885.59.
The NASDAQ Composite slid 13.78 points to 7,808.78.
Chipmakers contributed to the decline. Lam Research lost 3.9%. Applied Materials, KLA-Tencor and Teradyne also fell. Semiconductor stocks were pressured after an Evercore ISI analyst said a recovery in the space will likely be pushed back to the second half of 2020.
Bank shares fell along with Treasury yields. Citigroup dropped 1% while J.P. Morgan Chase gave back 0.5%, and Bank of America slid 0.8%.
Still, the major indexes were all up nearly 5% for the month, rebounding from a sharp selloff in May as U.S.-Mexico trade worries were quelled while expectations for