Equities in Canada’s largest centre fell short Wednesday, perhaps gun-shy after an inflation report south of the border shook up markets there.
The report slashed expectations of interest rate cuts by the Federal Reserve this year.
The TSX Composite Index slid Wednesday 68.72 points to 25,563.11.
Energy led things downward, with Vermilion Energy retreating 60 cents, or 4.4%, to $13.19, while Baytex Energy doffed 16 cents, or 4.3%, to $3.53.
In consumer discretionary stocks, Aritzia dropped $2.06, or 2.9%, to $70.00, while Restaurant Brands International slid $1.78, or 1.9%, to $93.77.
In real-estate, Colliers International dived $4.16, or 2.2%, to $185.89, while Altus Group lost $1.70, or 2.9%, to $56.89.
Gold stocks held out against the negative tide. Barrick Gold on Wednesday beat analysts’ estimates for fourth-quarter profit on higher gold prices and production. Barrick shares $1.53, or 6.3%, to $25.95.
Elsewhere in gold issues, Novagold added 16 cents, or 3.6%, to $4.66.
Materials also moved higher, for example, Silvercrest Metals, taking on 66 cents, or 4.1%, to %16.60, while Mag Silver launched $1.01, or 4.4%, to $24.15.
In telecoms, BCE traveled higher 55 cents, or 1.7%, to $33.24, while Quebecor hiked 55 cents, or 1.7%, to $32.35.
Among other stocks, TerraVest Industries fell by $14.04, or 10.4%, to $120.90, after the home-heating products maker missed its fourth-quarter revenue estimates, pushing it to the bottom of the TSX.
The Canadian dollar eked higher 0.03 cents to 70 cents U.S. by the close Wednesday.
ON BAYSTREET
The TSX Venture Exchange surged 7.08 points, or 1.1%, to 641.62
The 12 subgroups were evenly divided, as energy slumbered 2.3%, while consumer discretionary stocks fell 1.1%, and real-estate skidded 0.9%.
The half-dozen gainers were led by gold, up 1.3%, materials, stronger 1%, and telecoms, better by 0.7%.
ON WALLSTREET
The S&P 500 tumbled and interest rates spiked Wednesday after consumer prices rose more than expected in January, raising concern that inflation may reignite.
The Dow Jones Industrials fell 225.09 points to close Wednesday at 44,368.56
The much-broader index dropped 16.53 points to 6,051.97
The tech-heavy NASDAQ eked higher 6.09 points to 19,649.95.
Helping sentiment were comments from House Speaker Mike Johnson who said, according to Reuters, the White House was considering reciprocal tariff exemptions on products like pharmaceuticals and automobiles.
GM and Ford shares traded into the green, along with Eli Lilly
January’s consumer price index jumped 0.5% for the month, putting the annual inflation rate at 3%. Both were more than the 0.3% and 2.9% increases expected by economists polled by Dow Jones. Excluding volatile food and energy prices, core CPI rose 0.4% on the month and 3.3% for the past 12 months, both higher than expected.
Prices for the 10-year Treasury were bruised, raising yields to 4.63% from Tuesday’s 4.54%. Treasury prices and yields move in opposite directions.
Oil prices settled two dollars to $71.32 U.S. a barrel.
Prices for gold backed off $7.90 an ounce to $2,924.70 U.S.
