Equities in Canada’s biggest centre were lower on Monday but had made a significant comeback from big early losses after Greek voters rejected debt bailout terms, endangering the country's future in the euro-zone and darkening overall market sentiment.
The S&P/TSX composite index dropped 60.37 points to greet noon at 14,622.02
The Canadian dollar shuttled lower 0.35 cents to 79.19 cents U.S.
Energy stocks, hurt by tumbling crude prices following the Greek vote, were down. Enbridge Inc fell 0.9% to $57.965, and was among the most influential losers, along with Veresen Inc, which declined 6.6%to $15.75.
Financial stocks retreated, hurt in part by a 1% decline in Manulife shares. The stock was trading at $23.22.
Tempering losses was a rise in materials stocks, home to mining companies. The sector, initially hurt by Greece and China jitters, reversed earlier losses. Barrick Gold Corp was up 2.3% at $13.70.
On the economic beat, Western University’s IVEY Purchasing Managers’ Index registered 55.9 for June, compared to 62.3 for May, and 46.9 for June of last year.
The survey of company purchasing managers gauges how much was spent on purchases during the month, compared to previous timeframes. Any reading over 50 shows an increase in purchases; under 50, a decrease.
ON BAYSTREET
The TSX Venture Exchange dropped 5.33 points midday to 665.81.
Nine of the 14 TSX subgroups were lower through midday, with metals and mining collapsing 2.9%, global base metals lower by 2.5%, and energy retreating 1.4%.
The four gainers were led by gold, up 1.5%, real-estate, progressing 1.4%, and materials, better by 0.4%. Information technology issues were unchanged by noon hour.
ON WALLSTREET
U.S. stocks traded mildly lower on Monday, recovering sharp opening losses but failing to hold slight gains amid continued uncertainty over the Greece debt crisis..
The Dow Jones Industrials slid 33.90 points to 17,696.21, with Wal-Mart leading advancers and Intel the greatest laggard.
The S&P 500 index slumped 5.19 points to 2,071.59, with energy leading eight sectors lower and consumer staples and materials the only advancers.
The NASDAQ slid 15.10 points to 4,994.12.
Ahead of the unofficial start of earnings season this Wednesday, A Schulman posts results after the close.
In other corporate news, Humana agreed to be bought by rival Aetna for $37 billion U.S. in cash and stock. Humana shareholders will receive $125 U.S. in cash and 0.8375 Aetna shares for each share they now hold.
Seritage Growth Properties, the real estate investment trust created by retailer Sears Holdings, will begin trading Monday on the New York Stock Exchange. Sears said the rights offering of Seritage shares expired last Thursday and that it was oversubscribed.
Dollar Tree has received U.S. Federal Trade Commission approval to acquire rival Family Dollar Stores after a nearly year-long review.
The combined company will need to divest more than 300 stores. Dollar Tree expects the deal to be completed today.
U.S. economic data out Monday includes the Institute for Supply Management's June service sector survey, which hit 56.0 in June, versus the 56.2 estimate.
Markit's services PMI for June showed a final read of 54.8.
In a Sunday referendum, nearly two-thirds of Greeks voted "no," rejecting a proposal from international creditors that would have required more austerity reforms for debt relief.
Following the vote, Greek Finance Minister Yanis Varoufakis resigned on Monday. German Chancellor Angela Merkel and French President Francois Hollande meet in Paris later today to discuss a joint response.
Prices for 10-year U.S. Treasuries climbed, lowering yields to 2.32% from Thursday’s 2.39%. Treasury prices and yields move in opposite directions.
Oil prices faded $2.86 a barrel to $54.07 U.S.
Gold prices moved higher $3.20 at $1,166.70 U.S. an ounce.
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