The Toronto stock market stayed negative most of Monday as commodity prices pulled back on concerns about the growth of the global economy.
The S&P/TSX composite index subtracted 70.76 points to close Monday at 12,313.54
The Canadian dollar slipped 0.26 cents to 102.17 cents U.S.
The TSX gold sector was down with Barrick Gold Corp. dropping $1.16, or 2.8%, to $40.46. Energy stocks were off, and Talisman Energy fell 20 cents to $13.42.
In corporate developments, Canaccord Financial Inc. is closing 16 branches of its wealth management firms across the country and reducing the number of advisors at the remaining Canadian locations, which will be concentrated in major cities. Shares of the company dropped 33 cents, or 5.4%, to $5.77.
Valeant Pharmaceuticals International, Inc. says it has paid $62.5 million to acquire the U.S. rights to Visudyne, a treatment for a common form of age-related blindness. Under the deal with Vancouver-based QLT Inc., which developed Visudyne, Valeant could pay up to an additional $20 million. Valeant shares moved up 49 cents to $53.84.
WestJet Airlines Ltd. is adding British Airways to its list of code-share partners, which will allow its customers to book flights to several Canadian cities through the U.K.-based carrier. WestJet shares were down 15 cents to $17.21.
Hanfeng Evergreen Inc., a fertilizer company focused on China and other Pacific Rim countries, says it has taken a $10-million writedown to reflect the reduced value of its publicly traded stock.
The company, which has its Canadian head office in Toronto, said the writedown and other charges resulted in a loss of $2.5 million or four cents per share in its fiscal fourth quarter. Hanfeng shares were ahead two cents to $1.76.
ON BAYSTREET
The TSX Venture Exchange skidded 12.26 points to 1,333.46
In all, eight of the 14 Toronto subgroups were down on the day, weighed mostly by gold stocks, down 2.6%, materials, off 2.5%, and energy, surrendering 1.2%.
The half-dozen gainers were led by industrials and telecoms, each up 0.8%, while consumer staples progressed 0.5%.
ON WALLSTREET
U.S. stocks turned mixed in afternoon trading Monday, as investors remain concerned over the global business climate.
The Dow Jones Industrial average was 20.55 points shy of breakeven to 13,558.90
The S&P 500 index docked 3.25 points, to 1,456.90, and the Nasdaq Composite Index fell 19.18 points to 3,160.78
Investors reacted early Monday to a report that showed Germany's business climate index falling to its lowest level since February 2010.
Apple's stock fell more than 1% after the company said it sold more than five million iPhone 5 devices during its first weekend on the market. This was considered slightly disappointing. Separately, Foxconn, which supplies parts to Apple, shut its China plant after a brawl broke out.
Google's stock hit an all-time high of $748.90 U.S. Monday, topping the previous record set in November 2007. Shares of the tech giant have rallied 15% this year, as it continues to dominate in search and makes strides with its Android mobile platform.
Facebook's shares slumped another 9% early Monday after a Barron's story called the stock a bad investment.
TiVo shares soared more than 4% after the company reached a $250-million U.S. settlement with Verizon over a patent dispute.
Shares of U.S. Steel fell nearly 2% after Citigroup analysts downgraded the company's stock to "neutral" from "buy." Citi also downgraded AK Steel to "sell" from "neutral," sending the steel producer's shares down more than 4%.
Homebuilder Lennar reported better-than-expected earnings, sending shares of the company higher in early trading.
The start of the week also marks the Dow debut of UnitedHealth, which replaces soon-to-be-split-up Kraft.
The price on the benchmark 10-year U.S. Treasury gained ground, lowering yields to 1.72% from Friday’s 1.76%. Treasury prices and yields move in opposite directions.
Oil prices let go of 96 cents a barrel to $91.93 U.S.
Gold futures for December delivery fell $13.60 to $1,764.40 U.S. an ounce.
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