Canada's main stock index dipped by the end of the session on Monday, even as the mining sector - excluding gold - rose on hopes China's infrastructure drive will boost demand for commodities needed to make steel and other construction materials.
The S&P/TSX Composite index fell back 52.58 points to close Monday at 12,215.43, after spending much of the day straddling the breakeven mark.
The Canadian dollar was flat at 102.29 cents U.S.
Talisman Energy jumped 2% to $14.15 after the independent oil explorer said its CEO had stepped down, which investors took as a sign the company could be looking for a buyer.
Diversified miner Teck Resources Ltd. ducked back 1.1% to $29.19 and base metal producer Inmet Mining Corp moved lower by 2.4% to $48.00 after sharp rallies on Friday.
Shares of Nordion Inc plummeted 36.4% to $6.65 after the provider of medical isotopes suspended its quarterly dividend after an arbitration panel rejected its claim for damages from its main supplier.
Most of the other leading decliners on the index were gold miners, which had performed well in the past month. The price of bullion is near a six-month high.
Shares in Barrick Gold retreated 2.1% to $38.46, while Goldcorp. Lost 2.2% to $41.12
ON BAYSTREET
The TSX Venture Exchange retreated six points to 1,270.71.
All but three of the 14 Toronto subgroups were lower. Health-care stocks took the brunt of the hurt, falling 7.5%, while gold sank 1.9% and materials were 1.7% to the bad.
The three gainers were telecoms, up 0.5%, financials, inching up 0.1%, and utilities, just 0.04% above breakeven.
ON WALLSTREET
U.S. stocks traded in a narrow range Monday, as investors remain cautious ahead of a key decision out of Europe and the Federal Reserve's latest policy meeting.
The Dow Jones Industrial average retreated 52.35 points to 13,254.30
The S&P 500 index shed 8.83 points, to 1,429.09, and the tech-heavy Nasdaq Composite Index dropped 32.40 points to 3,104.02.
Intel was one of the worst performers on the Dow after the world's largest chipmaker said last week that third-quarter sales will be weaker than expected. But the blue-chip index was supported by gains in shares of rival technology company Hewlett Packard
Shares of fashion label Michael Kors dipped 4% on news that the company plans for a secondary offering.
Later this week, Apple is expected to unveil details about the iPhone 5.
LeapFrog, which makes "technology-based" toys, including tablet-like devices, was under pressure after Toys R Us unveiled a new tablet computer for children.
Shares of Sprint rose 4.4% after analysts at Nomura Securities upgraded the stock to "Buy," saying the valuation remains compelling.
Investors are looking ahead to the Federal Reserve's two-day meeting, where it could announce new stimulus measures. The central bank meets Sept. 12-13.
Friday's weak jobs report prompted further speculation that the central bank will move forward with a new round of quantitative easing, a possibility Fed chairman Ben Bernanke alluded to in a speech last month.
Meanwhile, investors will be keeping tabs on Europe, as the German Constitutional Court is expected to hand down a ruling Wednesday that could impact the European Central Bank's plans to preserve the euro.
The price on the benchmark 10-year U.S. Treasury lost a bit of ground, boosting yields to 1.68% from Friday’s 1.66%. Treasury prices and yields move in opposite directions.
Oil prices for September delivery nipped ahead one penny to $96.43 U.S. a barrel.
Gold prices faded $4.50 an ounce to $1,727.30.
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