Markets in Canada’s largest centre opened lower on Monday, hurt by weakness among financial stocks amid a broad pullback broken only by gains in the materials sector.
The S&P/TSX composite index retreated 76.81 points to open the day and week at 14,201.07
The Canadian dollar sank 0.19 cents to 76.38 cents U.S.
BCE Inc said on Friday it has sold its 15% stake in the Globe and Mail to the Woodbridge Company, giving the investment vehicle of Canada's Thomson family full control of the country's biggest national newspaper.
BCE did not disclose the financial terms of the deal. The Woodbridge Company had already acquired majority control of the Globe and Mail in 2010 as part of a complex asset swap deal that saw BCE pay $1.3 billion for Canadian broadcaster CTV.
BCE shares doffed 24 cents to $53.52.
RBC cut the target price on Aimia Inc. to $14.00 from $15.00, says in the absence of the launch of a potential U.S. coalition loyalty program, analysts’ struggling to identify near-term catalysts for the stock.
Aimia shares collapsed 65 cents, or 5.4%, to $11.49.
Absolute Software Corp reports Q4 earnings today, expecting four cents per share. Absolute shares lost five cents to $7.45.
AgJunction Inc is expecting to break even on its Q2 earnings. AgJunction shares were unchanged at 47 cents.
In the economic arena, Statistics Canada reported foreign investors added $8.5 billion of Canadian securities to their holdings in June, following a $5.5-billion divestment in May. At the same time, Canadian investors acquired $8.6 billion of foreign securities, all non-U.S. instruments.
ON BAYSTREET
The TSX Venture inched down 0.59 points to 572.62.
All but two of the 14 TSX subgroups were lower in the first hour of trading, as financials slid 1.3%, while metals and mining and global base metals each skidded 1.1%.
The two gainers were gold, sprinting ahead 3.8%, and materials, up 1.8%.
ON WALLSTREET
U.S. stocks pared earlier losses on Monday after the release of homebuilder data as investors digested manufacturing data and falling oil prices while eyeing the release of the Federal Reserve's minutes.
The Dow Jones industrial average dropped 28.49 points to 17,448.91, led lower by Boeing and with Walt Disney leading advancers.
The S&P 500 lost 10.87 points to 2,080.62, with industrials leading nine sectors lower and telecommunications being the only advancer.
The NASDAQ index subsided 16.58 points to 5,031.68
In corporate news, Amazon CEO Jeff Bezos responded to Saturday's New York Times story about the company's workplace culture, saying the Amazon described in the newspaper's story was not an accurate depiction of it.
Cosmetics maker Estee Lauder posted mixed earnings results, beating on earnings per share but missing on revenue citing "macroeconomic headwinds and challenges."
Companies reporting after the bell include Urban Outfitters and Agilent.
Walt Disney said it would be adding Star Wars-themed lands to its Disnelyland and Disney World parks during its D23 expo.
Universal Pictures continued its highly successful year as "Straight Outta Compton" led the weekend box office with over $56 million in U.S. ticket sales.
Target also announced that Chief Financial Officer John Mulligan would move to the newly created Chief Operating Officer position.
The New York Fed said that manufacturing activity for the state fell from 3.86 in July to -14.92 in August, its lowest since April 2009.
Economists polled by Reuters had expected the index to rise to 5.00 this month. A reading above zero indicates expansion.
Prices for 10-year U.S. Treasuries gained, weighing yields to 2.16% from Friday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices slid 40 cents a barrel to $42.10 U.S.
Gold prices added eight dollars to $1,120.70 U.S. an ounce.
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