The S&P/TSX composite index lost 119.63 points to 13,844.73 after having been closed for Thanksgiving on Monday.
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Canada’s largest stock market weakened Thursday morning, while US indexes were slightly higher.
The index was dragged down in the midday trading after Valeant Pharmaceuticals global Inc., the biggest health care company by market value in Canada, said in a statement released Wednesday night that the company recently received subpoenas from US lawmakers investigating its patient assistance programs, drug distribution and pricing decisions.
Gold’s rise was helped by increased bets that the U.S. Federal Reserve will hold off on raising interest rates this year amid soft USA data and concerns over deflationary pressures in China.
The Dow Jones industrial average regained 4.94 points to greet noon at 17,136.80, with United Technologies leading decliners and UnitedHealth the greatest advancer.
As the reporting season gathers steam, investors are parsing quarterly results to gauge the impact of a slowing global economy on USA companies. The Fed has said it will pull the trigger only if it sees signs of a sustainable economic recovery.
On the commodity markets Tuesday, the December gold contract was at US$1,165.60 an ounce, up $9.70 from Friday’s close and up $1.10 from Monday.
Citigroup rose 1.5 per cent to $51.48 (U.S) after the third biggest US bank’s results beat estimates.
The outlook for broader corporate earnings also does not look too bright.
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That was worse than the 5.5 per cent decline in imports in August and more than the 15 per cent drop that had been expected by analysts. Separately, the firm announced a $10-billion US share repurchase.
