Initial enthusiasm for equity market in Toronto cooled soon after Monday’s opening bell, following gains in global markets as risk appetite improved on prospects of further policy stimulus in China
The S&P/TSX composite index was down 44.26 points to open Monday at 15,066.87
The Canadian dollar fell back 0.22 cents to 88.80 cents U.S.
Hudson's Bay Co outlined a $1.25-billion refinancing plan, in a move to reduce debt taken on when it acquired U.S. rival Saks last year. Bay shares rocketed $1.75, or 8.7%, to $21.95.
Canadian buyout firm Onex Corp said it would buy Swiss packaging group SIG Combibloc Group AG for up to 3.57 billion euros. Onex shares gained $1.65, or 2.6%, to $65.81.
KBW raised the price target on Bank of Montreal to $86 from $84; with a market perform rating. BMO shares gained 33 cents to $83.08.
ON BAYSTREET
The TSX Venture Exchange edged higher 1.27 points to 790.40.
The 14 Toronto subgroups were evenly divided between gainers and losers, with health-care up 0.8%, industrials better by 0.7%, and consumer discretionaries, up 0.6%.
Energy moved the seven laggards lower, sinking 1.8%, materials, down 1.4%, and the metals and mining group was off 1.1%.
ON WALLSTREET
U.S. stocks inched higher on Monday, sending key indexes into record territory, as the decision by China’s central bank to ease monetary policy last week continued to support global equity markets.
The Dow Jones Industrials gained 26.55 points to begin Monday at 17,836.61.
The S&P 500 gained 5.25 points at 2,068.75. The NASDAQ index increased 26.64 points to 4,739.61.
Tesla is in talks with German automaker BMW about working together to develop batteries and collaborate over light-weight parts, Tesla’s chief executive Elon Musk told German weekly Der Spiegel. Shares were slightly lower.
Apple Inc.’s price target at Susquehanna was raised to $135 U.S. from $120 U.S. Shares were up 0.3% at $116.81 U.S.
Diversified industrial conglomerate United Technologies Corp. said Chairman and Chief Executive Louis Chenevert will retire, effective immediately, after 22 years with the company. United Technologies also affirmed its 2014 per-share earnings and sales outlooks. Shares were slightly higher.
Trina Solar Ltd. shares fell after the company posted flat profit on revenue growth of 13% for the third quarter.
The economic calendar is light with just the Dallas Fed Manufacturing Survey due this morning. But later in the week, investors will receive a stack of updates on housing, inflation and a revision in third-quarter gross domestic product for the U.S.
Prices for 10-year U.S. Treasuries were lower, raising yields to 2.33% from Friday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices removed 42 cents to $76.09 U.S.
Gold prices inched up 70 cents to $1,198.40 U.S.
Related Stories
