Equity markets in Toronto edged lower on Monday after softer-than-expected economic data from China weighed on commodity prices and natural resource shares.
The S&P/TSX composite index slid 21.08 points to greet noon at 14,278
The Canadian dollar fell 0.15 cents at 90.02 cents U.S.
Gold-mining shares gave back ground, with Barrick Gold losing 1.4% to $21.78 and Goldcorp slipping 0.9% to $29.69.
Energy producers were hit by lower oil prices. Canadian
Natural Resources Ltd dropped 1.4% to $41.02.
Financials, the index's most heavily weighted sector, added strength as Bank of Nova Scotia gained 0.4% to $63.87.
Royal Bank of Canada was down 0.1% after a decision by a Delaware judge who said that the lender should be held liable to former shareholders of Rural/Metro Corp because it failed to disclose conflicts of interest that tainted the $438-million buyout of the ambulance operator.
Economically speaking, data released on the weekend showed China’s exports fell by an unexpected 18% in February.
China’s official 2014 economic growth target of 7.5% assumes trade also will grow by 7.5%. But customs data show combined imports and exports so far this year have shrunk by 4.8%.
On the domestic slate, a report from the Canada Mortgage and Housing Corp showed the seasonally-adjusted annualized rate of housing starts rose to 192,094 units last month from a upwardly revised 180,481 in January, topping economists' forecast for 189,500.
ON BAYSTREET
The TSX Venture Exchange was still negative 0.95 points to 1,042.06
All but three of the 14 Toronto subgroups were lower by midday, as metals and mining stocks plunged 3%, global base metals dipped 2.5%, and materials sank 0.7%
The three gainers were led by consumer staples and health-care issues, each up 0.2%, while financials slipped 0.02%.
ON WALLSTREET
With little U.S. economic or corporate news on the docket Monday, investors were keeping an eye on the rest of the world to get a sense of where the market is headed.
The Dow Jones Industrial Average dumped 64.80 points by noon to 16,387.92
The S&P 500 index faded 4.69 points to 1,873.75. The NASDAQ dipped 8.57 points to 4,327.65.
The Dow and S&P 500 are near all-time highs as investors celebrated the fifth anniversary of the current bull market. But the NASDAQ is not back to all-time highs yet.
In fact, Monday is the 14th anniversary of the tech-heavy index hitting its peak of above 5,130. Still, the NASDAQ is now only about 15.5% below its dot-com boom record, thanks to a nearly 40% jump last year and strong start to 2014.
Boeing shares fell after Malaysia Airlines Flight 370, a Boeing 777, disappeared Saturday in mysterious circumstances en route to Beijing. The company also announced late Friday that "hairline cracks" had been found on some of its Dreamliner 787 jets still in production.
In other corporate news, Chiquita Brands rallied after the company said it was buying Ireland's Fyffes for about $526 million U.S. to create the world's leading banana company.
Shares of eBay slumped after Carl Icahn stepped up his campaign against the company's management.
In a letter Monday, the activist investor attacked John Donahue, the company's CEO, for failing to supervise his firm's board for alleged conflicts of interest related to their financial stakes in companies that Icahn believes are eBay competitors. eBay responded by defending Donahue's record. Icahn wants eBay to spin off its PayPal unit.
Prices for 10-year U.S. Treasuries were static Monday, keeping yields at Friday’s 2.79%.
Oil prices faded $1.35 to $101.23 U.S. a barrel.
Gold prices increased in price four dollars to $1,342.00 U.S. an ounce.
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