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Canada’s benchmark stock index was under pressure during midday trading on Wednesday as investors sold off material and financial stocks. At 12:22 p.m. EDT, the S&P/TSX Composite Index fell 112.89 points, or 0.56 per cent, to 20,157.07. The TSX materials and financials subgroups took the most points off the index, while the energy and utilities subgroups posted gains. Suncor Energy Inc., Canadian National Resources Ltd., and Cenvous Energy Inc., were among the stocks which added the most points on the index. Benchmark West Texas Intermediate crude price gained 0.44 per cent to US$86.97 per barrel. “I don’t think the (oil) run is over,” David McAlvany, the chief executive officer of McAlvany Financial Companies, said in a TV interview on Wednesday. “I think a resurgence of inflation is what we’ll see in the coming months. A fade, and a surge again, will put oil back on investors list of assets to own. But in the meantime we are seeing pressure,” he added. South of the border, markets were in the red. The S&P 500 slid 1.01 per cent, while the Dow Jones Industrial Average dropped 0.68 per cent and the Nasdaq declined 1.54 per cent. Shares of Target Corp. dropped […]
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