Stocks in Canada’s largest centre pulled back in morning trade on Monday, with several auto parts makers losing ground as U.S. President-elect Donald Trump increased pressure on car makers to build locally.
The S&P/TSX Composite dropped 51.21 points to move into lunch hour at 15,446.07
The Canadian dollar slid 0.16 cents at 76.01 cents U.S.
The most influential weights on the TSX included Magna International, which fell 3.3% at $56.86, and Linamar Corp., which lost 3.7% to $55.51, lowering both to more than one-month gullies.
Among industrial concerns, Stella-Jones Inc slumped 8.5% to $39.07 after several banks cuts their price targets and recommendations on the lumber company after it said lower demand for railway ties would hurt its quarterly profit and revenue.
The most influential gainers among gold plays included Goldcorp, up 1.1% to $19.39, and Barrick Gold, which rose 0.8% to $22.35.
Pan Am Silver gained 3.5% to $23.75, having said last week it had cut costs more than expected and projected strong production growth and further cost cuts in the next three years.
On the economic beat, the Canadian Real Estate Association reported that MLS sales rose 2.2 % month-over-month in December. CREA reports the rebound recovered less than half of the drop in activity from October to November, when it posted the biggest monthly retreat in more than four years after tightened mortgage regulations came into effect.
Oil prices faded 11 cents to $52.26 U.S. a barrel
Gold prices moved up $5.60 to $1,201.80 U.S. an ounce.
ON BAYSTREET
The TSX Venture Exchange moved 2.81 points lower by noon to 791.70
All but three of the 12 subgroups were lower by noon, as consumer discretionary stocks doffed 0.7%, energy was 0.6% less energetic and financials were poorer by 0.5%.
The two gainers proved to be gold, up 0.5%, and health-care, easing up 0.03%. Utility stocks were unchanged by noon hour.
ON WALLSTREET
American markets are closed Monday for Martin Luther King Day.
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