Stock prices in Canada’s largest centre plummeted in early trade on Monday, with heavyweight banks, miners and other resource stocks weighing as oil prices softened
The S&P/TSX Composite dropped 99.12 points to open Monday at 15,509.38
The Canadian dollar eked lower 0.07 cents at 74.65 cents U.S.
Hydro One is reportedly in talks to buy municipal electricity distributor Toronto Hydro for about $3 billion as the city of Toronto explores options to finance various infrastructure projects.
Hydro One shares inched up three cents to $23.60.
Hudson's Bay Co., owner of the Lord & Taylor and Saks Fifth Avenue retail chains, has yet to line up equity financing for a bid for Macy's Inc, over a month after approaching its U.S. peer.
Bay shares fell three cents to $11.82.
National Bank cut the target price on Alimentation Couche Tard to $74.00 from $77.00. Couche-Tard shares sank 57 cents to $62.10
KBW raised the target price on Toronto-Dominion Bank to $68.00 from $66.00. TD shares were off a penny to $69.61.
National Bank raised the target price on Transcontinental Inc to $25.00 from $23.00. Transcontinental shares acquired 55 cents to $22.74.
ON BAYSTREET
The TSX Venture Exchange gained 1.85 points to 820.31
All 12 TSX subgroups sank in the first hour of trading, as materials collapsed 1.4%, gold 1.3%, and consumer staples gave up 0.9%.
ON WALLSTREET
U.S. equities lost ground to begin Monday as the chances of tighter monetary policy from the U.S. Federal Reserve sank in for investors.
The Dow Jones Industrials decreased 43.3 points to 20,962.14, with Goldman Sachs contributing the most losses.
The S&P 500 surrendered 9.92 points to 2,373.20, with materials leading all sectors lower.
The NASDAQ let go of 29.28 points to 5,841.48.
Experts put market expectations for a rate hike at 84.1% Monday. The Fed's monetary policy committee is set to meet between March 14 and 15.
Investors also kept an eye on the geopolitical front after North Korea fired four ballistic missiles Monday, three of which landed in Japan's exclusive economic zone, according to Japanese Prime Minister Shinzo Abe.
Prices for the benchmark 10-year Treasury note fell, raising yields to 2.49% from Friday’s 2.48%. Treasury prices and yields move in opposite directions.
Oil prices slipped seven cents to $53.26 U.S. a barrel
Gold prices gained $4.90 to $1,231.40 U.S. an ounce.
