Canada’s main stock index dipped on Wednesday after a six-day rally as declining gold prices dragged down miners, while the central bank held it key interest rate as expected.
The TSX faded 46.99 points to reach noon at 17,592.01
The Canadian dollar stayed positive 0.06 cents to 78.08 cents U.S.
SSR Mining fell 81 cents, or 3.2%, the most on the TSX, to $24.84, while the second biggest decliner was Silvercorp Metals, down 19 cents, or 2.4%., to $7.67.
Shares in Whitecap Resources jumped 30 cents, or 6.9%, to $4.65, after it agreed to buy rival TORC Oil & Gas in an all-stock deal valued at about $552 million. TORC’s shares rose seven cents, or 2.7%, to $2.66.
Dollarama rose $1.59, or 3%, to $54.98, after it beat analysts’ estimates for third-quarter sales.
The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of 0.5%, with the Bank Rate at 0.5% and the deposit rate at 0.25%
The TSX Venture Exchange dipped 5.85 points to 781.17.
Seven of the 12 TSX subgroups were lower midday, with gold and health-care each wilting 1.3%, and information technology 1.1% to the bad.
The five gainers were led by consumer discretionary, picking up 1.1%, consumer staples up 0.5%, and communications better by 0.3%.
Stocks slipped on Wednesday, easing from record highs set earlier in the day traders weigh the prospects of new fiscal stimulus.
The Dow Jones Industrials caved 81.31 points to 30,122.57
The S&P 500 lost 5.73 points to 3,696.52.
The NASDAQ moved lower 35.04 points to 12,547.73.
The major averages gave back most of their gains after Senate Majority Leader Mitch McConnell told Politico that Republicans and Democrats were “still looking for a way forward” on additional fiscal aid.
Those remarks came after Treasury Secretary Steven Mnuchin pitched Tuesday a $916-billion stimulus package to House Speaker Nancy Pelosi.
The United States has seen one million new cases in just four days, bringing the national total to over 15 million.
Prices for the 10-Year Treasury moved downward, lifting yields to 0.95% from Tuesday’s 0.92%. Treasury prices and yields move in opposite directions.
Oil prices turfed 17 cents to $45.43 U.S. a barrel.
Gold prices slid $26.00 to $1,848.90.