Equities in Canada’s largest market went for a tumble Monday, as continuing hikes in oil prices made for nervous investors.
The TSX folded 311.03 points to conclude Monday at 35,489.86.
The Canadian dollar swooned 0.10 cents to 70.55 cents.
Brent crude futures gained nearly 4% to about $108.25 a barrel after U.S. President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz
In company news, International Petroleum repurchased 148,500 shares last week under its normal course issuer bid, continuing its share buyback program.
IPCO shares shed eight cents to $34.53.
Miners Aris ?Mining fell two dollars, or 7.5%, to $24.80, AbraSilver Resource lost 88 cents, or 7%, to $11.79, and NovaGold ?Resources dropped 65 cents, or 6.5%, to $9.42
Technology shares also took a hit, though e-commerce giant Shopify regained three dollars, or 1.5%, to $204.20.
Meanwhile, drone services firm Draganfly jumped 39 cents, or 5.2%, to $7.89, after the company said Unusual Machines which has Donald Trump Jr. on its advisory board, and an unnamed U.S. investment fund each invested $5 million.
ON BAYSTREET
The TSX Venture Exchange slumped 26.76 points, or 2.9%, to 894.25.
Seven of the 12 subgroups were higher by the final bell, led by consumer discretionary stocks, up 1.7%, while energy rumbled 0.8%, and utilities, better by 0.5%.
The five losing subgroups were weighed most by gold, sliding 5%, while materials slid 3.5%, and telecoms, off 1.2%.
ON WALLSTREET
Stocks fell Monday, weighed down by a jump in Treasury yields to start the week.
The Dow Jones Industrials dumped 346.90 points to 51,481.72
The S&P 500 index moved lower 59.49 points to 7,683.92.
The NASDAQ Composite lost 248.34 points to 26,820.38.
The major averages came off their lows around midday after CNN and Axios reported, citing White House officials, that President Donald Trump was open to providing sanctions relief to Iran on nuclear matters. The reports sent crude prices well off their highs of the day.
Wall Street is coming off a winning week after tech and tech-linked names outperformed. Meta rallied nearly 13% in that time, as traders cheered the company’s Muse artificial intelligence agent. Microsoft climbed more than 4%, while Apple and Nvidia advanced more than 1% each.
Brent crude traded more than 2% higher at $106.79 per barrel. West Texas Intermediate futures gained around 2% as well to $94.40, after President Donald Trump rejected conditions for a ceasefire presented by Iran.
The August personal consumption expenditure price index, the Fed’s preferred inflation gauge, is due out Wednesday. New U.S. manufacturing numbers are due Thursday, while the closely watched September jobs report is set for release Friday.
Prices for the 10-year Treasury regained lost ground, spiking yields to 5.23% from Friday’s 5.16%. Treasury prices and yields move in opposite directions.
Oil prices hiked 38 cents to $92.79 U.S. a barrel.
Gold prices were faded $162.50 to $4,158.70 U.S. an ounce.
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