Stock markets in Toronto moved lower early Monday, after an anti-austerity party won elections in Greece, raising concerns over economic stability in Europe.
The S&P/TSX composite index nosedived 70 points to begin the day and the week at 14,709.35
The Canadian dollar eked higher 0.04 cents to 80.41 cents U.S.,
National Bank Financial raised the target price on Suncor Energy to $40.00 from $38.00. Suncor stocks dipped 58 cents to $36.76.
National Bank Financial also cut the price target on Canadian Oil Sands to $8.00 from $10.00. Oil Sands stock went south 27 cents, or 3.4%, to $7.66.
NBF also cut the rating on Long Run Exploration to sector perform from outperform. Long Run shares dropped a penny each to $1.25.
ON BAYSTREET
The TSX Venture Exchange shed 2.76 points to 675.42
All but four of the 14 Toronto subgroups faltered in the first hour, weighed mostly by gold stocks, down 2%, materials, off 1.3%, and telecoms, sliding 0.9%.
The four laggards were led by consumer staples, improving 0.6%, industrials, up 0.3%, and utilities, inching up 0.2%.
ON WALLSTREET
U.S. stocks fell on Monday, with telecommunications leading the drop, as investors considered the results from Greek elections and winter weather on the East Coast.
The Dow Jones Industrials eased slid 33.43 points to 17,639.17, with Cisco Systems leading blue-chip declines, which extended to 24 of 30 components.
The S&P 500 dipped 3.78 points to 2,048.04, with telecom leading declines and energy the sole sector rising of its 10 major industry groups.
The NASDAQ index subtracted 6.18 points to 4,751.70.
DR Horton rose in early trading after the home builder reported quarterly profit that topped estimates.
In Greece, the anti-austerity Syriza party won 149 out of a 300 possible seats in Parliament.
Prices for 10-year U.S. Treasuries were slightly higher, dropping yields to 1.80% from Friday’s 1.82%. Treasury prices and yields move in opposite directions.
Oil prices shed 24 cents per barrel to $45.34 U.S.
Gold prices faltered $11.60 an ounce to $1,281 U.S.
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