TSX drops more than 100 points on broad declines across major sectors

TSX drops more than 100 points on broad declines across major sectors

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TORONTO — The Toronto stock market pulled back Tuesday as results from the Bank of Nova Scotia fell short of expectations.The S&P/TSX composite index dropped 130.20 points to 15,133.85 on declines across nearly every major sector.The Canadian dollar rose 0.28 of a U.S. cent to 80.06 cents ahead of the Bank of Canada’s key interest rate decision on Wednesday morning.Data Tuesday from Statistics Canada, which showed the economy grew at an annualized pace of 2.4% in the fourth quarter of 2014, came in better than the two per cent forecast by analysts surveyed by Thomson Reuters.That signals it’s unlikely the Bank of Canada will cut its key interest rate on Wednesday, said Todd Mattina, chief economist and strategist at Mackenzie Investments.“We’re not seeing a strong rebalancing towards business investment in exports, away from the energy sector,” he said.Meanwhile, TSX financial stocks were a major drag on the market, down 1.14%, after Scotiabank (TSX:BNS) delivered profits that disappointed.Scotiabank, the last of the big five Canadian banks to report first-quarter results, said net earnings were $1.73 billion, up from $1.71 billion in the comparable year-earlier period. Adjusted earnings were $1.36 per share, two cents lower than analysts predicted.The bank’s chief executive, Brian Porter, said he’s looking to grow the bank’s operations in Mexico and told analysts on a conference call that Scotia executives believe Mexico’s banks are headed for consolidation. Porter said that Scotia would be “very interested” in looking at a commercial bank or a retail bank in the region.Shares of the bank fell $1.15 or 1.72% to $65.78.Elsewhere, metals and mining stocks were lower as May copper fell 4.1 cents to US$2.66 a pound. Gold stocks pulled back with April bullion down $3.80 to US$1,204.40 an ounce.Energy stocks were the sole gainer, rising 1.05%, as the April crude oil contract rose nearly two per cent, or 93 cents, to settle at US$50.52 a barrel.On Wall Street, the Dow Jones industrials moved back 85.26 points to 18,203.37 and the S&P 500 index lost 9.61 points to 2,107.78. The Nasdaq slid 28.20 points to 4,979.90.Traders will look towards the central bank’s rate decision on Wednesday morning for more insight into the outlook for the coming months.While the BoC isn’t expected to make another rate cut this time around, commentary from BoC governor Stephen Poloz will offer some direction, said Mattina.He suggested efforts so far from Poloz haven’t been strong enough, as the loonie is holding steady and the January rate cut has only been partially passed down to consumer lending.“I think it’s going to be very important to see how they explain not cutting tomorrow and what forward guidance they give for the next rate cuts,” he said.In corporate developments, BlackBerry (TSX:BB) unveiled its latest smartphone at the Mobile World Congress wireless show in Barcelona, offering a look at the first of four new smartphones it plans to release this year.Chief executive John Chen said the BlackBerry Leap will cater to the “low-to-mid” range phone market, and will go on sale in Europe in April.BlackBerry shares moved down 18 cents or 1.3% at $13.69 on the Toronto Stock Exchange.

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first_imgOn the eve of Representative Round, representative players from Australia, New Zealand, City, Country and Pacific teams gathered at Rugby League Central in a combined show of support and to reaffirm efforts to end domestic violence.Representative players included Corey Parker (Kangaroos), Ruan Sims (Jillaroos), Sarina Fiso (Ferns), James Maloney (Country), Wade Graham (City), Peni Terepo (Tonga), Stanton Albert (PNG) and Eloni Vunakece (Fiji).The NRL has worked alongside domestic violence partners Our Watch, White Ribbon and Rape and Domestic Violence Services Australia to develop additional resources and education tools in the fight against domestic violence, with a new commercial, website and education sessions announced today.Ambassador Alan Tongue will lead a group of NRL ambassadors in visiting communities throughout regional and rural Australia, helping to educate young men in particular on the importance of standing up, speaking out and taking action against domestic violence.”Our strong stance against this terrible issue is one of the most important messages that we can impart on communities and as a game, we will continue to do everything we can to prevent domestic violence,” Mr Tongue said.”We have a responsibility to our Rugby League players, their families and our communities at large to ensure they receive the education, support and resources available to make informed decisions and ultimately, make positive and consistent behaviour choices.”Kangaroos player Matt Scott will join Kangaroos coach Mal Meninga in a new commercial that highlights the need to communicate and speak out against domestic violence before it is too late.And a new website has been created, providing testimonials and interviews with former and current rugby league players, together with support options and advice from the NRL’s domestic violence partners.The NRL has received funding from ‘Our Watch’ (an independent, not for profit organisation aimed at eradicating domestic violence) to continue to reach existing and new communities and educate communities that violence of any kind is not okay.CEO Mary Barry congratulated the NRL on its continued stand against domestic violence and additional resources announced.”This isn’t a sporting issue or a rugby league issue, however sport has the opportunity to play an important role in preventing violence against women and their children,” said Ms Barry.”Sporting clubs and organisations bring together large numbers of people and are a ready-made environment to promote women’s participation and opportunities to eliminate gender-based discrimination, disrespect for women and violence-supportive attitudes.”It is pleasing that this is what the NRL is doing and the code should be commended for providing ongoing awareness towards ending discrimination and violence against women.”The NRLs domestic violence commercial will air for the first time during the upcoming Downer Test Match on Friday 6 May and education resources can be viewed online. Key messages:• One in three women in Australia have experienced physical violence.  This is unacceptable.• The NRL, together with players, Clubs, States, Pacific neighbours and communities, wants to continue to be a catalyst for change and contribute directly to the long-term prevention of domestic violence.• The game is strengthening its ongoing work and resolve to stand up, speak out and take action against domestic violence – forming a coalition alongside domestic violence experts, to change the behaviours, attitudes and actions of those in our communities that think domestic violence is ok.• The NRL has received funding from ‘Our Watch’ (a Federal Government department aimed at eradicating domestic violence) to continue to reach existing and new communities and educate young males in particular, that violence of any kind is not ok.• Voice Against Violence includes a Grassroots program for 16 – 18 year olds, a new commercial and website, aimed at decreasing and ultimately, ending domestic violence.last_img

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