The Toronto stock market was lower Wednesday after four days of solid, triple-digit advances while traders looked to a mixed bag of earnings news. The S&P/TSX composite index dropped 78.79 points to 14,468.92.
The Bank of Canada says it's essential for the bulk of Canadian economic activity to begin shifting from the backs of households to business investment and exports, as it kept its trend-setting interest rate fixed Wednesday at one per cent.
The British Columbia government climbed down from its proposed goal of a seven per cent income tax on liquefied natural gas, earning praise from the industry, but forcing the finance minister to admit an election promise to eliminate the debt will be up to 15 years behind schedule.
Pershing Square Capital Management says that it has presented to a California court evidence that management at Allergan Inc. made false and misleading statements about Valeant Pharmaceuticals Inc. as part of a "scorched earth" campaign to thwart the Canadian company's hostile takeover bid for the California-based maker of Botox.