Equities in Canada’s largest centre stumbled in early trade on Monday, weighed down by financial and some consumer stocks, with losses offset by gains among energy and materials companies as oil prices rallied.
The S&P/TSX Composite dropped 68.16 to start the day and the week at 14,629.77.
The Canadian dollar eked up 0.02 cents at 75.96 cents U.S.
Barclays raised the price target on Paramount Resources to $16.00 from $14.00 saying that after the company sold its core Montney assets, it has addressed concerns around its balance sheet and inability to adequately capitalize its assets.
Paramount shares muscled higher 50 cents, or 3.5%, to $14.64.
Longbow cut the rating on Restaurant Brands to underperform to reflect a slowdown in the company’s net unit count in the last two years.
The company that runs the Tim Hortons shops slipped in price $1.44 a share, or 2.4%, to $59.26.
Vecima Networks reports fourth-quarter earnings, projecting 15 cents per share. Vecima shares slipped 21 cents, or 2.2%, to $9.40.
ON BAYSTREET
The TSX Venture Exchange gained 0.54 points at 811.43,
All but three of the 12 TSX subgroups were lower to start out, as consumer discretionary concerns fell 1.2%, health-care ailed 1%, and consumer staples subtracted 1%.
The three gainers were gold, up 1%, materials, surging 0.6%, and energy, inching up 0.1%.
ON WALL STREET
U.S. equities fell on Monday as market watchers kept a close eye on a key meeting of the Organization of the Petroleum Exporting Countries and looked ahead to a U.S. presidential debate
The Dow Jones Industrials weakened 121.63 points to 18,261.46, with Goldman Sachs contributing the most losse
The S&P 500 faded 12.49 points to 2,164.69, with health-care lagging
The NASDAQ Composite backtracked 33.78 points to 5,305.75
Investors also monitored shares of Deutsche Bank, which hit an all-time low after German Chancellor Angela Merkel had reportedly ruled out helping the bank with its U.S. legal troubles.
Polls gauging the gap in support between Democratic candidate Hillary Clinton and Donald Trump, her Republican counterpart, have narrowed considerably in recent weeks. According to an NBC News/Wall Street Journal poll released last week, Clinton held a six-point lead over Trump heading into the debate. A Bloomberg poll released Monday showed both candidates were deadlocked.
In economic news, new home sales totaled 609,000. Two Federal Reserve speeches are also scheduled for Monday, with two Fed officials scheduled to speak.
Prices for the 10-year Treasury gained, lowering yields to 1.6% from Friday’s 1.62%. Treasury prices and yields move in opposite directions.
Oil prices hiked 94 cents to $45.42 U.S. a barrel
Gold prices gained back three dollars at $1,344.70 U.S. an ounce.
