Equity markets in Canada’s biggest centre slipped in early trade on Monday, with energy stocks lower as investors fret about oversupply, while lumber company Stella-Jones Inc plunged on price target cuts after warning of lower profit and revenue.
The S&P/TSX Composite dropped 7.7 points to begin the day and the week at 15,489.58
The Canadian dollar slid 0.08 cents at 76.09 cents U.S.
As for Stella-Jones, its shares dived $4.49, or 10.5%, to $38.20.
CIBC cut the rating on AGF Management to underperform from neutral based on divergence in the stock price and fundamental performance.
Shares in AGF dipped 17 cents, or 2.7%, to $6.16.
National Bank Financial raised the price target on Intact Financial to $105.00 from $98.00 saying a combination of strong operating performance, defensive investment characteristics, solid management team, acquisition potential, and relatively benign regulatory environment merit a premium multiple.
Intact shares lost seven cents to $93.63.
Canaccord Genuity raises price target on Onex Corp. to $100.00 from $95.00 reflecting a 5% premium to its forward NAV calculation on the company’s proprietary investment capital.
Onex shares inched up two cents to $88.45.
On the economic beat, the Canadian Real Estate Association reported that MLS sales rose 2.2 % month-over-month in December. CREA reports the rebound recovered less than half of the drop in activity from October to November, when it posted the biggest monthly retreat in more than four years after tightened mortgage regulations came into effect.
Oil prices faded 13 cents to $52.24 U.S. a barrel
Gold prices moved up $7.30 to $1,203.50 U.S. an ounce.
ON BAYSTREET
The TSX Venture Exchange moved 1.13 points higher early Monday to 795.64
ON WALLSTREET
American markets are closed Monday for Martin Luther King Day.
