Equities in Canada’s largest market stumbled on the final Monday of 2022, as losses in utilities and real-estate overcame gains in consumer staples.
The TSX Composite settled 45.39 points to kick off Monday at 19,397.89.
The Canadian dollar moved upward 0.17 cents at 73.22 cents U.S.
Raymond James initiated coverage of banker Versabank with an "outperform" rating.
Shares in Versabank were static mid-morning Monday at $10.21.
Bank of Montreal had brokerages buzzing, with several Credit Suisse ("outperform"), National Bank of Canada ("sector perform"), TD Securities ("buy") and CIBC ("neutral") among those starting coverage of the stock.
Shares in “The First Canadian Bank jumped 89 cents to $121.52
Deutsche Bank cut exchange operator TMX Group to "hold" from "buy".
TMX shares faded 82 cents to $135.64.
On the economic calendar, Statistics Canada said its raw materials price index for November fell 0.8% on a monthly basis and increased 8.0% year over year, while the agency’s industrial product price index declined 0.4% month over month and increased 9.7% on a year-over-year basis.
ON BAYSTREET
The TSX Venture Exchange dawdled 4.56 points to 576.26.
All but three of the 12 subgroups lost ground, with utilities and real-estate each dropping 0.8%, while materials lost 0.7%.
Consumer staples lifted modestly, 0.9%, with financials eking up 0.1%. Shares in industrials were unchanged.
ON WALLSTREET
Stocks wavered Monday after the major averages posted their second straight week of losses for the first time since September as investors weighed recession fears.
The Dow Jones Industrials regained 36 points to open the week at 32,956.46, boosted by gains in 3M, Walgreens Boots Alliance and Travelers, which all rose more than 1.5%.
The S&P 500 dipped 9.79 points to 3,842.57.
The NASDAQ Composite Index retreated 87 points to 10,618.42.
Stocks are set to round out a dismal monthly performance in December. On Friday, the Dow fell 281.76 points, or 0.9%. The 30-stock index shed 1.66% for the week, bringing its monthly losses to 4.83%. The S&P 500 dropped 1.1% and tumbled 2.1% for the week, upping its monthly declines to 5.58%. The NASDAQ Composite slumped 1% on Friday and 2.7% for the week. It’s down 6.7% this month.
Investors will also be watching for a few earnings reports due later in the week. FedEx and Nike are both scheduled to report earnings results on Tuesday after market close. As recession fears mount, earnings results will become more of a focus.
Builder sentiment dropped two points to 31 in December, according to the National Association of Home Builders survey. The report marked the 12th consecutive monthly decline for the index.
Prices for the 10-year Treasury tumbled, raising yields to 3.58% from Friday’s 3.49%. Treasury prices and yields move in opposite directions.
Oil prices docked 59 cents to $74.88 U.S. a barrel.
Gold prices restored $1.30 to $1,801.50 U.S. an ounce.
