Canada’s main stock index was little changed on Monday, recovering from an earlier 10-day low, as gains for the materials group offset losses for energy shares and investors weighed an uncertain outlook for the proposed U.S. tax overhaul.
The S&P/TSX Composite Index retreated 15.32 points to reach noon hour at 16,023.94
The Canadian dollar shed 0.25 cents to 78.53 cents U.S.
Shares of Intertape Polymer Group surged 15.1% to $20.15 after the manufacturer of specialty tapes reported stronger-than-expected revenue for the third quarter.
Teck Resources climbed 2.9% to $28.07, while copper, one of the metals that the company produces, advanced 2% to $6,920 U.S. a tonne.
Cenovus Energy fell 1.5% to $14.06 and Enbridge Inc slipped 0.5% to $46.07.
Canada Goose Holdings, which had surged last week to a record high after reporting quarterly earnings, fell 5.9% to $31.00.
The federal government proposed on Friday that it split equally the income from excise taxes on recreational marijuana with the provinces where it will be sold when it is legalized next year, drawing criticism from Ontario
ON BAYSTREET
The TSX Venture Exchange regained 3.54 points to 800.02
ON WALLSTREET
U.S. equities traded mostly flat on Monday as a decline in General Electric shares, coupled with worries about tax reform, capped gains in the major indexes.
The Dow Jones industrial average recovered 17.1 points to 23,439.31, with Boeing among the biggest contributors of gains, while GE was the biggest decliner on the index. Dubai airline Emirates unveiled a provisional order for 40 of Boeing's 787 Dreamliners. The deal is worth $15.1 billion U.S.
The S&P 500 squeezed up 1.51 points to 2,583.81, with Mattel shares surging more than 20% on news that Hasbro has approached the toy maker about a takeover. GE shares, meanwhile, fell more than 5% after the company issued weaker-than-expected guidance for 2018.
The NASDAQ Composite inched higher 2.16 points to 6,753.10, with Facebook, Amazon, Netflix and Alphabet rising, while Apple and biotech stocks declined.
Earnings rolled again Monday, with Tyson Foods and JD.com reporting quarterly results before the open. Switch is set to report after the bell.
Elsewhere, there is no major economic data set for release Monday, but investors are looking ahead to key inflation data due later in the week.
There are also worries that, even if tax reform gets done, a corporate tax cut could be delayed until 2019. These concerns came about after the Senate unveiled its own tax reform bill. In contrast, a House bill would slash the corporate rate immediately. The House wants to vote on its bill this week.
Prices for the benchmark 10-year Treasury note made gave up slight gains, raising yields back to Friday’s 2.4%. Treasury prices and yields move in opposite directions.
Oil prices moved ahead 17 cents a barrel to $56.91 U.S.
Gold prices gained $4.70 an ounce to $1,278.90 U.S.
