Equities in Toronto fell on Monday as energy companies retreated along with lower oil prices, while mining shares bucked a broadly weaker trend on higher metal prices.
The S&P/TSX Composite remained negative 93.99 points to greet noon at 15,453.89
The Canadian dollar recovered 0.1 cents at 75.25 cents U.S.
The materials group, which includes precious and base metals miners and fertilizer companies, added strength, as copper rose in part on hopes that U.S. President Donald Trump's incoming administration would make good on a pledge to boost infrastructure spending in the world's largest economy.
Teck Resources Ltd advanced 2.2% to $32.11 and Hudbay Minerals Inc rose 2.9% to $9.47.
Uncertainty about Trump's economic policies also boosted gold to its highest in two months, and Canada-listed gold miners rose. Barrick Gold advanced 1.4% to $23.13.
The energy group retreated, as signs of a strong recovery in U.S. drilling activity outweighed news that members and non-members of the Organization of the Petroleum Exporting Countries were on track to meet output reduction goals set in December.
The most influential weights on the index included Canadian Natural Resources Ltd, which fell 1.6% to $40.30, and Suncor Energy, down 1% to $41.85. Cenovus Energy declined 2.5% to $18.97.
Peyto Exploration & Development fell 5.4% to $28.31 after Barclays cut its target price and downgraded its view on the stock.
The health-care group faded as Valeant Pharmaceuticals International Inc shed 4.2% to $18.82.
On the economic calendar, Statistics Canada reported that wholesale trade edged up 0.2% to $56.9 billion in November, a second consecutive increase.
ON BAYSTREET
The TSX Venture Exchange gained 6.17 points to 803.76
All but two of the 12 subgroups were lower, as energy subsided 2.5%, consumer staples slid 1.2%, and health-care dawdled 0.9%
Gold moved up 2%, and materials improved 1.1%, as the only two gainers.
ON WALLSTREET
U.S. equities fell on Monday as investors looked for more details regarding President Donald Trump's policies, while energy and industrials lagged.
The Dow Jones Industrials were negative 69.51 points to 19,757.74, with Boeing and McDonald's the worst off
The S&P 500 fell 10.77 points to 2,260.54, with energy falling 1%
The NASDAQ composite index moved down 19.19 points to 5,536.14
In corporate news, earnings season continued as Halliburton and Dow component McDonald's reported quarterly results. McDonald's beat analyst expectations on both the top and bottom line. Halliburton, meanwhile, beat bottom-line estimates but sales came in light of expectations. Yahoo is expected to post results after the close on Monday.
There will be several S&P 500 components reporting throughout the week, including tech giants Microsoft and Google-parent Alphabet.
Trump said Monday he believes his administration can cut regulations by 75% at least. He is also expected to sign an executive order as early as Monday that will put in motion the renegotiation of the North America Free Trade Agreement, as well as an executive order announcing his intention to withdraw from the Trans-Pacific Partnership, a trade agreement among 11 other Pacific Rim countries.
Prices for the benchmark 10-year Treasury note spiked, lowering yields to 2.39% from Friday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices backtracked 56 cents to $52.66 U.S. a barrel
Gold prices strengthened $12.80 to $1,217.70 U.S. an ounce.
