Stocks in Canada’s largest market took fairly large steps backward Monday, as energy and industrials tried to shake off losses.
The S&P/TSX Composite dropped 107.1 points to close Monday at 15,388.95
The Canadian dollar recovered 0.09 cents to 75.6 cents U.S.
Energy stocks took a beating, as Seven Generations Energy got hammered $2.71, or 9.1%, to $27.06, while Baytex Energy sank 33 cents, or 5.1%, to $6.19
Industrials fared badly, too, as Canadian Pacific Railway moved in reverse $4.27, or 2.2%, to $192.47, while Air Canada lost six cents to $13.50.
Among telecoms, BCE slid 62 cents, or 1.1%, to $57.94, while Rogers Communications fell 80 cents, or 1.5%, to $51.40,
In the health-care field, Canopy Growth Corporation climbed 14 cents, or 1.4%, to $9.92, while Valeant Pharmaceuticals saw its prices stay put at $20.29.
Gold stocks did what they could to lift the markets, as Iamgold lofted 15 cents, or 2.6%, to $6.00, while Barrick Gold gained five cents to $22.42.
Among consumer staples issues, Metro gained 39 cents, or 1%, to $40.02, while Maple Leaf Foods took on 28 cents, or 1%, to $27.89.
The Bank of Canada reported that Canadian companies are more optimistic about future sales as demand picks up, and they plan to boost investment and hiring to keep pace, but businesses are uncertain about U.S. protectionism, and signs of substantial labour market slack exist.
ON BAYSTREET
The TSX Venture Exchange gained 2.87 points to 794.31
All but three of the 12 TSX subgroups were in the red to conclude Monday, with energy dimming 2.5%, while industrials tailed off 1%, and telecoms shed 0.9%.
The three gainers were health-care, adding 1%, gold, up 0.4%, and consumer staples, up 0.3%.
ON WALLSTREET
Stocks south of the border closed mixed on Monday, with and utilities lagging, as investors geared up for the start of earnings season and digested falling oil prices.
The Dow Jones Industrials stayed negative 76.36 points to 19,887.44, with ExxonMobil leading decliners and DuPont the biggest advancer.
The S&P 500 skidded 8.08 points from Friday’s all-time high to 2,268.90, with energy leading seven sectors lower and information technology the top riser.
The NASDAQ composite index hit yet another all-time high, gaining 10.76 points to 5,531.82, as Apple advanced around 1%. Ariad Pharmaceuticals, spiked more than 75% after announcing it's being taken over by Takeda, a leading Japanese pharmaceutical company.
Financial giants Bank of America, BlackRock and JPMorgan Chase are among the companies slated to report this week.
The financial sector has posted a sharp rally since Donald Trump's U.S. election victory, rising 17.9% since Nov. 8, as of Friday's close. The broader indexes have also gained sharply since the election.
S&P 500 earnings per share are expected to record a 4.4% year-over-year increase, according to experts.
Prices for the benchmark 10-year Treasury note gained ground, lowering yields to 2.37% from Friday’s 2.42%. Treasury prices and yields move in opposite directions.
Oil prices dropped $2.09 to $51.90 U.S. a barrel
Gold prices improved $9.60 to $1,183 U.S. an ounce.
