(MENAFN- Baystreet.ca) Canada's main stock index fell on Wednesday, mirroring a global slump in equities, after dour economic data from Germany and China reignited recession fears.
The S&P/TSX Composite stumbled 151.56 points to begin Wednesday's session at 16,199.28
The Canadian dollar slouched 0.51 cents to 75.12 cents U.S.
The largest percentage gainers on the TSX were Yamana Gold, which jumped 18 cents, or 4.2%, to $4.52 and Novagold Resources, which rose 37 cents, or 4.2%, to $9.20.
Superior Plus Corp fell 66 cents, or 5.1%, the most on the TSX, to $12.33. The second biggest decliner was Precision Drilling, down eight cents, or 5.1%, to $1.50
Canada Goose Holdings' first-quarter revenue beat analysts' estimates, as the company sold more expensive jackets and parkas to department stores and opened several retail outlets. Canada Goose lost $2.16, or 3.8%, to $54.96.
Air Canada said it will launch a direct Seattle-Montreal service next spring with its new A220-300 jets, as the carrier eyes new routes to grow its share of lucrative international transit traffic to and from the United States. The Maple Leaf airline lost 53 cents worth of altitude, or 1.2%, to $42.97.
Australia's Aveo Group said it had signed a deal with units of Brookfield Asset Management under which the Canadian firm will buy the Australian retirement home operator for A$1.27 billion. Brookfield shares dipped 46 cents to $67.10.
Canaccord Genuity raised the rating on Absolute Software to buy from hold. Absolute shares gained 38 cents, or 5.2%, to $7.71.
National Bank of Canada raised the rating on Centerra Gold to outperform from sector perform. Centerra shares hiked 42 cents, or 3.7%, to $11.85.
JP Morgan raised the target price on Franco-Nevada to $117.00 from $110.00. Franco-Nevada shares added 56 cents to $123.88.
ON BAYSTREET
The TSX Venture Exchange lost 2.02 points to 585.38
All but three of 12 Toronto subgroups shrank in the first hour, as health-care dwindled 3.2%, energy lost 2.6% of its mojo, and industrials were weaker 1.2%.
The three gainers were gold, up 2.7%, materials, up 0.8%, and utilities inched up 0.2%.
ON WALLSTREET
Stocks plunged on Wednesday, giving back Tuesday's solid gains, after the U.S. bond market flashed a troubling signal about the U.S. economy.
The Dow Jones Industrials lost all of its gains from Tuesday, collapsing 464.49 points, or 1.8%, to 25,815.42,
The S&P 500 dropped 47.68 points, or 1.6%, to 2,879.02
The NASDAQ sagged 151.66 points, or 1.8%, to 7,854.65
Bank stocks led the declines as it gets tougher for the group to make a profit lending money in such an environment. Bank of America skidded 2.8%, and Citigroup fell 3.4%, while J.P. Morgan also dropped 3%.
Shares of Macy's tanked nearly 17% after the retailer posted second-quarter earnings way below analysts' expectations as heavy markdowns used in spring to clear unsold merchandise weighed on profits.
Prices for the benchmark 10-year U.S. Treasury stayed put, keeping yields at Tuesday's 1.7%. Treasury prices and yields move in opposite directions
Oil prices shed $2.22 to $54.88 U.S. a barrel.
Gold prices gained $5.10 to $1,519.20 U.S. an ounce.
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