Equities in Canada’s largest centre fell Monday morning as heavyweight financial stocks led a broad move lower, with only slight gains from weighty natural resource groups offsetting the losses.
The S&P/TSX Composite dropped 51.28 to reach noon at 14,646.65.
The Canadian dollar ducked lower 0.21 cents at 75.73 cents U.S.
The most influential weights included Royal Bank of Canada, which fell 0.8% to $80.72, and Toronto-Dominion Bank, down 0.6% to $57.80.
The energy group was barely higher despite rallying oil prices as the world's largest producers gathered in Algeria to discuss ways to support the market.
TransCanada Corp fell 0.7% to $62.53. One of its units, Columbia Pipeline Group, offered to buy Columbia Pipeline Partners LP for about $848 million in cash.
Among consumer staples, convenience store operator Alimentation Couche-Tard slouched 1.6% to $64.29 and Restaurant Brands International off 2.4% to $59.24.
ON BAYSTREET
The TSX Venture Exchange fell 2.64 points at 808.25
Eight of the 12 TSX subgroups were lower, with health-care off 1.2%, consumer staples falling 1%, and consumer discretionaries 0.9% to the bad.
The four gainers were led by energy, up 0.5%, gold, up 0.3%, and telecoms, gaining 0.2%.
ON WALL STREET
Wall Street was lower late Monday morning, dragged down by Pfizer and as investors await the first U.S. presidential debate to gauge how the candidates plan to shape the economy and policy.
The Dow Jones Industrials weakened 133.35 points to 18,128.10. Goldman Sachs' was the top drag on the Dow, while JPMorgan dropped 1%.
The S&P 500 faded 13.63 points to 2,151.09
The NASDAQ Composite backtracked 37.82 points to 5,267.92
Pfizer fell 1.6% after it decided against splitting into two. The stock was the biggest drag on the S&P 500 healthcare index, which fell 1%, making it the biggest loser among the nine declining S&P sectors.
Adding to investors' unease was Deutsche Bank's U.S.-listed stock touching a record low and dragging big Wall Street banks, after a German magazine said Chancellor Angela Merkel has ruled out state assistance for the lender.
The bank said it had no need for German government help with a $14 billion U.S. demand to settle claims it lied in selling mortgage-backed securities.
While the White House race has so far had little discernible effect on the market, that may soon change as polls show a tightening race ahead of the first debate between Hillary Clinton and Donald Trump.
Polls gauging the gap in support between the two 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 1.58% from Friday’s 1.62%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.40 to $45.88 U.S. a barrel
Gold prices gained $1.60 at $1,343.30 U.S. an ounce.
