Equity markets in Toronto dropped more than 1% on Monday as sluggish economic data raised concerns about global growth and volatile oil prices contributed to weakness in the energy sector.
The S&P/TSX composite index sank 164.31 points, or 1%, to greet noon at 14,580.39
The Canadian dollar recovered 0.68 cents to 88.19 cents U.S.
Among energy producers, Canadian Natural Resources Ltd shed 2.6% to $36.98 and Suncor Energy lost 2.2% to $35.05.
Financials were lower as Bank of Montreal was down 1.2% at $82.82.
The gold-mining sector was a bright spot, as Goldcorp added 3.8% to $23.25.
In corporate news, mining company Tahoe Resources said the Guatemalan Congress passed legislation that would raise the royalty rate in the mining law. The stock dropped 6.8% to $16.56.
Finance Minister Joe Oliver said Sunday Canada still should return to a healthy budget surplus in the next fiscal year despite the precipitous slide in oil prices.
ON BAYSTREET
The TSX Venture Exchange stumbled 14.27 points to 727.60
All but four of the 14 Toronto subgroups were negative, as metals and mining dropped 4%, industrials slid 3.7%, and energy shed 3%.
The four gainers were led by gold, climbing 4.7%, materials, up 1.2%, and consumer staples, ahead 1%.
ON WALLSTREET
U.S. stocks declined on Monday with investor concern about a lackluster start to the holiday shopping season partially offset by data that had a measure of U.S. factory activity slowing less than expected in November.
The Dow Jones Industrials were off their lows of the morning, but still negative 46.34 points to 17,781.90, with Caterpillar and General Electric leading the declines that extended to 22 of 30 components.
The S&P 500 dipped 13.82 points to 2,053.74. The NASDAQ index moved down 58.46 points to 4,733.17.
The sharp fall in Apple's shares "may be some evidence of concern of a weak start of what was expected to be a pretty good holiday season on the back of the gas price tax cut," according to one expert.
The Institute for Supply Management said its national factory activity index dropped to 58.7 last month from 59 in October, with the latest figure beating expectations of 57.8.
Americans spent about 11% less during the long holiday weekend ahead of Cyber Monday's online sales, according to survey results released Sunday by the National Retail Federation.
Markit's final November manufacturing Purchasing managers' Index for the euro-zone was 50.1, its lowest level since June 2013.
China's official factory index dropped to 50.3 for November, while the Markit index had it at 50.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.19% from Friday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices took on $2.16 to $68.31 U.S.
Gold prices added $28.90 at $1,204.10 U.S.
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