The Toronto stock market was lower near midday as enthusiastic gains last week led to some profit taking on Monday.
The S&P/TSX Composite index was lower by 23.15 points to approach noon at 12,476.32, off its lows of the morning.
The Canadian dollar faded 0.09 to 102.87 cents U.S.
Shares of Rona Inc. were down nearly 8% after Lowe Companies said it is no longer trying to buy the company. The controversial plan would have seen Canada’s largest home-improvement retail chain acquired for about $1.8 billion. Rona shares backed off $1.01 to $11.76.
TSX information technology stocks were lower with Research In Motion shares falling 3.3%, or 24 cents, to $7.10.
Speaking of things economic, figures released by Statistics Canada showed non-resident investors acquired $6.7 billion of Canadian securities in July, after ridding themselves of $7.8 billion of our investments in June.
Canadian investment in foreign securities strengthened to $4.6 billion and was equally split between debt and equity securities.
What’s more, home sales declined 5.8% across Canada from July to August, the largest month-over-month decline since June 2010, according to the Canadian Real Estate Association.
In its outlook for the year, CREA said Monday that home sales are now forecast to rise by 1.9% to 466,900 units in 2012, but slip by 1.9% to 457,800 units in 2013.
The national average home price is forecast to rise by just 0.6% to $365,000 in 2012 and edge lower by one-10th of 1% to $364,500 in 2013.
ON BAYSTREET
The TSX Venture Exchange added 4.45 points to 1,320.51
All but two of the 14 Toronto subgroups were lower at noon hour. Metals and mining doffed 1.7%, global base metals slipped 1%, and consumer staples were 0.8% to the bad.
The lone gainers were energy, up 0.2%, and health-care issues, up 0.1%.
ON WALLSTREET
U.S. stocks edged lower Monday as investors took a step back from last week's Fed-inspired rally.
The Dow Jones Industrial average let go of 33.20 points to 13,560.20
The S&P 500 index lost 3.02 points, to 1,462.75 and the tech-heavy Nasdaq Composite Index stumbled 8.01 points to 3,175.94
Shares of LDK, a large Chinese solar products manufacturer, sank more than 4% after the company reported a second quarter loss of $92 million U.S.
Apple shares hit another all-time high Monday, coming within spitting distance of $700 U.S., as pre-orders for the iPhone5 sold out and people started lining up outside stores to get their hands on the latest iPhone, which doesn't hit store shelves until Friday. Early Monday, AT&T said the iPhone 5 was the fastest selling iPhone it has ever offered.
Office Depot got a boost after activist investment firm Staboard Value disclosed a 13% stake, making it the firm's biggest shareholder, and made a case for improving the 'undervalued' business, in a letter to Office Depot's CEO.
With little on the docket Monday, trading is expected to be somewhat muted. The only economic report of note, the September Empire State Manufacturing Survey, indicated that manufacturing in New York continued to slip.
The general business conditions index edged another five points lower to -10.4, according to the report, released ahead of the opening bell by the New York's Federal Reserve. It was also weaker than economists had expected.
Investors will get a broader view on manufacturing later in the week, when the Philadelphia Fed releases its report.
But housing data will dominate, with reports on mortgages, housing starts, building permits and existing home sales due out starting Tuesday.
The price on the benchmark 10-year U.S. Treasury rose slightly, pushing the yield down to 1.83% from 1.87% late Friday. Treasury prices and yields move in opposite directions
Oil prices for September delivery added 29 cents to $99.29 U.S. a barrel.
Gold futures for December delivery fell $1.90 to $1,770.80 U.S. an ounce.
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