Loonie drops one-third cent, stock markets negative Wednesday morning

The Toronto Stock Exchange’s S&P/TSX composite index closed down 103.34 points, or 0.78 percent, to 13,142.41, its lowest close in more than a week.

The Canadian dollar was down about one-third of a cent Wednesday morning as North American stock markets traded lower.

Enbridge Inc fell 1.7% to $45.32.

The materials group fell 1.3 percent, including a 2.3 percent drop in Barrick Gold Corp to C$10.25. The WTI for February delivery was down $1.27 to $36.6, dragging TSX’s energy group to a fall of 2.48 percent.

Germany’s DAX fell 1.1 per cent, while France’s CAC 40 lost 0.5 per cent. Britain’s FTSE 100 slipped 0.6 per cent.

Valeant Pharmaceuticals International Inc rebounded after falling sharply at the start of the week on news its chief executive officer, Michael Pearson, is taking medical leave.

Market watchers said rising oil prices and encouraging data on US housing and consumer confidence helped lift NY markets, with technology companies among the biggest gainers. However, the energy sector on the TSX was also lower, down 0.70 per cent.

Pending home sales fell 0.9% in November from an upwardly revised October reading, according to the National Association of Realtors.

The February contract for benchmark crude oil rose $1.06 to US$37.87 a barrel.

Prices for the 10-year Treasury fell slightly, lifting yields to 2.31% from Tuesday’s 2.3%.