Equities in Canada’s largest market opened lower on Monday, hurt by slips for some of its biggest banks and gold miners and a broad retreat in consumer names.
The S&P/TSX Composite Index fell 84.03 points to open the day and the week at 15,099.10
The Canadian dollar added 0.15 cents to 79.88 cents U.S.
Rayonier Advanced Materials said it raised its offer price for Canadian paper and cellulose pulp maker Tembec Inc to $4.75 per share, valuing the deal at $475 million, excluding debt.
Tembec gained 48 cents, or 11.3%, to $4.74.
Barclays cut the target price on ARC Resources to $22.00 from $24.00. ARC shares dipped 24 cents, or 1.4%, to $17.04.
CIBC raised the rating on Fairfax Financial Holdings to neutral from underperform. Fairfax shares took on $1.05 to $564.05.
National Bank of Canada started coverage on Lithium Americas with an outperform rating. Lithium shares were unchanged at 92 cents.
On matters economic, Statistics Canada reported wholesale trade rose 0.9% to a record-high $61.6 billion in May. Sales were up in six of the seven sub-sectors, representing 80% of total wholesale sales.
The agency adds that the miscellaneous and motor vehicle and parts sub-sectors contributed the most to the gains.
ON BAYSTREET
The TSX Venture Exchange grew 3.77 points to 764.72.
All 12 TSX subgroups were negative starting out, the biggest dips encountered by telecoms, consumer staples and consumer discretionaries, all down 0.7%.
ON WALLSTREET
U.S. equities traded mixed Monday as Wall Street geared up for a major week of earnings and Federal Reserve news.
The Dow Jones Industrials fell 38.46 points to 21,541.61, with Johnson & Johnson contributing the most losses.
The S&P 500 lost 3.28 points to 2,469.26, with utilities leading decliners.
The NASDAQ gained 4.07 to 6,391.82
Approximately 180 S&P 500 components are scheduled to report, including tech giants Facebook, Amazon and Google-parent Alphabet.
Earnings season has gotten off to a strong start. As of Friday, experts say, 73% of S&P 500 companies that had reported beat earnings estimates and 77% topped sales estimates
Investors had high hopes for this earnings season, with experts’ earnings growth forecast at 6.2% entering the season.
In economic news, the IHS Markit Flash US Composite Purchasing Managers Index hit its highest level in six months.
Prices for the benchmark 10-year Treasury note sagged Monday, lifting yields to 2.25% from Friday’s 2.24%. Treasury prices and yields move in opposite directions.
Oil prices gained 45 cents to $46.22 U.S. a barrel
Gold prices took on $1.60 to $1,256.50 U.S. an ounce.
