Equities in Canada’s largest market fell in morning trading on Monday, led by a retreat among energy stocks as oil prices lost ground, while financial, consumer, telecom and industrial stocks also weighed.
The S&P/TSX Composite dropped 102.4 points to pause for noon at 15,393.65.
The Canadian dollar slipped 0.04 cents to 75.48 cents U.S.
In the oil patch, Suncor Energy lost 1.3% to $43.52, and Canadian Natural Resources fell 2.4% to $42.12.
Seven Generations Energy fell 7% to $27.67 after reporting lower-than-expected production in the fourth quarter.
Royal Bank of Canada fell 0.5% to $92.27, and Manulife Financial was down 1% at $24.10.
Gold miners were among the biggest gainers, as bullion prices firmed. Barrick Gold added 1.3% to $22.66, and Yamana Gold was up 2.8% at $4.19.
Quebecor rose 2.7% to $38.40 after RBC upgraded the telecom, cable and media company's stock to a top pick.
RBC also raised its view on exchange operator TMX Group while downgrading telecom companies Rogers Communications and BCE Inc. as well as mortgage lender Home Capital Group.
TMX advanced 2.9% to $75.20, Rogers declined 1.2% to $51.56, BCE lost 1.2% to $57.88, and Home Capital shed 5.3% to $29.62.
The Bank of Canada reported that Canadian companies are more optimistic about future sales as demand picks up, and they plan to boost investment and hiring to keep pace, but businesses are uncertain about U.S. protectionism, and signs of substantial labour market slack exist.
ON BAYSTREET
The TSX Venture Exchange gained 5.62 points to 797.06
All but three of the 12 TSX subgroups were in the red to begin Monday, with energy dimming 2%, while financials and telecoms each shed 0.8%.
The three gainers were gold, up 0.5%, materials, inching up 0.2%, and health-care, eking up 0.1%.
ON WALLSTREET
U.S. stocks traded mostly lower on Monday, pulling back from record levels, as investors geared up for the start of earnings season.
The Dow Jones Industrials made some headway against the breakeven, but stayed negative 39.49 points to 19,924.31, with ExxonMobil contributing the most losses.
The S&P 500 skidded 3.13 points from Friday’s all-time high to 2,273.85, with energy falling more than 1% to lead decliners.
The NASDAQ composite index hit yet another all-time high, jumping 16.52 points to 5,537.58, as Apple briefly advanced more than 1%.
Ariad Pharmaceuticals spiked more than 70% after announcing it's being taken over by Takeda, a leading Japanese pharmaceutical company.
Financial giants Bank of America, BlackRock and JPMorgan Chase are among the companies slated to report this week.
The financial sector has posted a sharp rally since Donald Trump's U.S. election victory, rising 17.9% since Nov. 8, as of Friday's close. The broader indexes have also gained sharply since the election.
S&P 500 earnings per share are expected to record a 4.4% year-over-year increase, according to experts.
Prices for the benchmark 10-year Treasury note gained ground, lowering yields to 2.38% from Friday’s 2.42%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.70 to $52.29 U.S. a barrel
Gold prices improved $9.80 to $1,183.20 U.S. an ounce.
Related Stories
