Healthcare leads TSX decline as Valeant drops
The healthcare group of the main TSX was the largest drag on the index Wednesday, closing 1.74 per cent lower as Valeant slumped 6 per cent on news that it was struggling to sell assets and raise cash.
Energy and financials were also among the declining sectors with telecoms, materials and consumer concessionary rising.
Wall Street was also lower following the release of Fed minutes revealing plans to cut its balance sheet this year. European markets closed mostly lower while Asian indexes gained.
The S&P/TSX Composite Index closed 26.08 (0.17 per cent)
The Dow Jones closed 41.02 (0.20 per cent)
Oil is trending lower (Brent $54.12, WTI $50.88 at 4.10pm)
Gold is trending lower (1258.30 at 4.10pm)
The loonie is valued at U$0.7453
FCAC warning over debt, credit repair firms
Consumers are being warned about firms which claim to help them pay off debt or repair their credit.
The Financial Consumer Agency of Canada said Wednesday that some of the companies mislead customers by promising fast solutions and other claims which sometimes leave debtors worse off.
“It’s important for consumers to understand what companies can and can’t do when offering services to help with debt repayment or credit repair,” said Jane Rooney, Financial Literacy Leader, Financial Consumer Agency of Canada. “Having the necessary information is the first step to empowering consumers to make informed decisions and meet their financial challenges head on.”
GTA home prices up 33 per cent
Home prices in Toronto show now sign of easing with the Toronto Real Estate Board reporting a 33 per cent surge in the GTA’s average sales price in March compared to a year earlier.
Sales increased too, up 17.7 per cent year-over-year.
The price rise takes the average sales price in the GTA to $916,567.
Marijuana EFT launches on TSX
Wednesday brought a new exchanged traded fund to the Toronto Stock Exchange in what is claimed as a world first.
The Horizons Medical Marijuana Life Sciences ETF brings together several marijuana-focused stocks including producers of legal and licensed pot growers.
It opened at $10.11 and had increased to $10.24 midway through the session.