Markets in Canada’s biggest market fell to a five-week low on Monday morning, as losses for financial and energy stocks lingered following Thursday’s Brexit vote in Britain.
The S&P/TSX Composite continued its downward flight 141.55 points, or 1%, to open the day and the week at 13,750.33
The Canadian dollar fell 0.3 cents to 76.62 cents U.S.
Raymond James raised the target price on B2Gold Corp to $3.75 from $2.75. Shares in B2Gold moved up three cents, or nearly 1%, to $3.15.
Raymond James raised the target price on First Majestic Silver to $11.25 from $8.00. First Majestic issues gave back 23 cents, or 1.4%, to $16.75.
Goldman Sachs raised the target price on Lundin Mining to $3.80 from $2.80. Lundin shares hiked four cents to $4.22
Raymond James raised the target price on Tahoe Resources to $22.25 from $18.00. Tahoe shares gained 47 cents, or 2.6%, to $18.49.
ON BAYSTREET
The TSX Venture Exchange gained 1.59 points to start Monday at 712.38
All but two of the 13 subgroups slumped in the first hour, as consumer discretionary stocks docked 2.1%, while health-care ailed 1.8%, and financials were poorer by 1.7%.
The two gainers were dear old standbys gold, up 2.2%, and materials, improving 0.7%.
ON WALLSTREET
U.S. stocks traded about 1 percent lower Monday, extending Friday's decline after the surprise U.K. vote to leave the European Union.
The Dow Jones Industrials collapsed 254.42 points, or 1.5%, to 17,146.33, following Friday’s 600-point-plus drop. Goldman Sachs had the greatest negative impact on the Dow as all member stocks weakened
The S&P 500 regressed 32.5 points, or 1.6%, at 2,004.91. Financials traded more than 2.5% lower to lead S&P sector decliners, while the defensive utilities sector tried for gains.
Both the Dow and S&P plumbed levels not seen since mid-March.
The NASDAQ Composite Index stumbled 84.22 points, or 1.8%, to 4,623.76
In economic news Monday, the Markit flash services Purchasing Managers Index for June came in unchanged from the prior month at 51.3.
Prices for the 10-year Treasury soared, pressing down yields to 1.47% from Friday’s 1.57%. Treasury prices and yields move in opposite directions.
Oil prices lost one dollar a barrel to $46.64 U.S.
Gold prices added $7.20 to $1,329.60 U.S. an ounce.
