Toronto stock market dips after open as Ottawa gives details on next

TORONTO — The Toronto stock market opened lower, while Ottawa announced it will hold another auction for wireless spectrum next year to increase competition in the cellphone market.The S&P/TSX composite index dipped 16.96 points to 15,198.Industry Minister James Moore says the majority of the spectrum will be set aside for new entrants and is part of the government’s efforts to lower the prices of wireless cellphone plans. The telecom sector on the TSX fell nearly 1%, with shares of BCE Inc. (TSX:BCE), Rogers Communications (TSX:RCI.B), and Telus Corp. (TSX:T) all lower in early trading.Meanwhile, the Canadian dollar was up 0.16 of a cent to 94 cents US, ahead of the Bank of Canada’s latest survey of Canadian businesses.The business outlook, which will be released on Monday, is one of the ways the central bank gauges how the economy is faring. It relies on a summary of interviews conducted with senior management at about 100 Canadian firms on topics such as demand and capacity, and how they view future economic activity.U.S. markets were down with the Dow Jones industrials losing 55.23 points to 17,013.03, the Nasdaq dropped 11.25 points to 4,474.68, while the S&P 500 lost 5.39 points to 1,980.05. Wall Street had been closed since midday Thursday for the Independence Day holiday.

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