Equities in Canada’s largest centre fell on Monday as weaker crude oil prices and a broader selloff in risky assets weighed on energy and financial stocks, overshadowing gains for gold stocks.
The S&P/TSX composite index tumbled 152.87 points, or 1.2%, to open the day and week at 12,611.12.
The Canadian dollar slipped 0.18 cents to 71.68 cents U.S.
TD Securities raises the target price on Lake Shore Gold to $2.00 from $1.85, with a buy rating.
Lake Shore shares gained 13 cents, or 8.7%, to $1.62.
Desjardins raises the rating on Stella-Jones to buy, price target to $51.00 from $48.00.
Stella-Jones shares faded 59 cents, or 1.3%, to $43.61.
RBC cut the target price on Suncor Energy to $39.00 from $40.00 with an outperform rating.
Suncor shares dipped 58 cents, or 1.8%, to $31.30.
On the economic front, Statistics Canada reported this morning that the total value of building permits issued by Canadian municipalities rose 11.3% to $6.9 billion in December; this, after a 19.9% decline the previous month.
Higher construction intentions for multi-family dwellings in Quebec, Ontario, British Columbia and Alberta explained the advance.
ON BAYSTREET
The TSX Venture Exchange gained 1.58 points to 509.73
All but two of the 13 TSX subgroups were negative to start out, as health-care waned 2.5%, energy subsided 2%, and consumer discretionaries fell 1.7%.
The two lone gainers were gold, surging 6.1%, and materials, ahead 3.1%.
ON WALLSTREET
American stocks fell sharply on Monday as falling oil prices, U.S. rate increase worries and a weak overseas backdrop weighed on investors.
The Dow Jones industrial average fell without a parachute, tumbling 262.81 points, or 1.6%, to open Monday at 15,942.16, with Goldman Sachs and Home Depot weighing the most on the index.
The S&P 500 dropped 29.17 points, or 1.6%, to 1,850.88, as energy and financials led all sectors lower.
The NASDAQ index hesitated 85.4 points, or 2%, to 4,277.75, while Facebook and Amazon tumbled more than 4%.
With no major economic data due Monday, investors were looking ahead to Federal Reserve Chair Janet Yellen's testimony in Congress on Wednesday and Thursday.
Concerns of a Fed rate hike took centre stage Friday after the U.S. Bureau of Labor Statistics said the stateside economy added 151,000 jobs in January — below expectations — but wages rose 0.5%.
Prices for the 10-year Treasury gained sharply, lowering yields to 1.77% from Friday’s 1.84%. Treasury prices and yields move in opposite directions.
Oil prices shed 52 cents a barrel to $30.37 U.S.
Gold prices jumped $15.20 to $1,188.60 U.S. an ounce.
