Equities in Canada’s biggest market opened lower on Monday, hurt by falls among energy and materials stocks as oil prices slid on a combination of oversupply concerns and economic headwinds.
The S&P/TSX Composite faltered 49.69 points to open Monday at 14,550.97
The Canadian dollar dropped 0.4 cents to 75.76 cents U.S.
RBC raised the target price on Arizona Mining to $3.00 from $2.00. Arizona shares acquired two cents, or 1.1%, to $1.88.
National Bank Financial raised the target price on Equitable Group to $70.00 from $69.00. Equitable shares gained 20 cents to $56.62.
Canaccord Genuity raises target price on Hudbay Minerals to $7.00 from $6.00. Hudbay shares gained 11 cents, or 1.7%, to $6.42.
ON BAYSTREET
The TSX Venture Exchange slid 1.78 points to 769.30
Eight of the 13 subgroups were higher, with information technology gaining 0.6%, health-care ahead 0.5%, and consumer discretionary stocks up 0.4%.
The five laggards were weighed by gold, down 2.2%, energy, down 1.6%, and materials, off 1.5%
ON WALLSTREET
U.S. stocks traded lower Monday, with energy stocks weighing as oil prices declined, as investors looked ahead to a busy week of earnings and central bank meetings.
The Dow Jones Industrials retreated 97.17 points to 18,473.68, Chevron and UnitedHealth contributing the most to declines.
The S&P 500 slid 10.67 points to 2,164.36, with energy leading all 10 sectors lower.
The NASDAQ dropped 13.33 points to 5,086.83
In corporate news, Verizon announced Monday plans to acquire Yahoo for $4.8 billion U.S. in cash.
Apple is scheduled to report earnings Tuesday after the close. 3M, Caterpillar, DuPont, McDonald's, United Technologies and Verizon are due to post results ahead of the open.
The U.S. Federal Reserve is scheduled to conclude its two-day meeting Wednesday afternoon. While the central bank is not generally expected to raise rates, indications in the statement on the timing of the next hike will be key.
Prices for the 10-year Treasury gained ground, lowering yields to 1.55% from Friday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices backtracked 86 cents a barrel to $43.33 U.S.
Gold prices subtracted $10.80 to $1,312.60 0 U.S. an ounce.
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