The TSX inched aces away from breakeven by the closing bell Monday afternoon, after shedding more than 100 points, as utility stocks extended their earlier decline.
Mining shares, however, managed to recover despite the persistent weakness in gold and copper prices .
The S&P/TSX composite index came off its lows of the morning, closing down only 5.95 points Monday at 13,859.12, after falling as much as 100 points soon after the open.
The Canadian dollar regained 0.27 cents to 76.01 cents U.S.
Utilities got roughed up the most Monday, as TransAlta Corp. 28 cents, or 4.1%, off Friday’s pace, to $6.59, while Fortis Inc. demurred $1.31, or 3.5%, to $36.00
Gold stocks were punished as well, as B2Gold lost eight cents, or 4.9%, to $1.54, and Yamana Gold weakened 12 cents, or 4.6%, to $2.47.
Among consumer staples, Alimentation Couche-Tard dropped $1.03, or 1.8%, to $55.61, while George Weston settled by $1.91, or 1.7%, to $109.38.
In the energy field, Lightstream Resources rocketed nine cents, or 18.4%, to 58 cents, while RMP Energy gushed 25 cents, or 15.4%, to $1.87.
Bombardier was the most actively traded stock, gaining three cents, or 2%, to $1.28, on 12.1 million shares.
ON BAYSTREET
The TSX Venture Exchange strengthened 3.81 points to 559.48
All but three of the 14 TSX subgroups were lower on the day, weighed mostly by utilities, down 2.4%, gold, down 2.3%, and consumer staples, down 1.3%.
The three gainers were energy, surging 3.1%, while metals and mining advanced 0.3%, and information technology gained 0.2%.
ON WALLSTREET
U.S. stocks closed lower on Monday, the last day of trade for August, as investors digested a volatile month amid continued uncertainty about China and the Fed.
The Dow Jones industrial average moved lower 114.98 points to 16,528.03, with Merck the greatest decliner and Chevron the greatest advancer.
American Express was the only blue chip in the black for the month, while Walt Disney plunged 15.1% in August as the greatest decliner.
The S&P 500 fell 14.1 points to 1,974.77, with health care leading nine sectors lower and energy the only advancing sector. In late-morning trade, index component Signet Jewelers hit an all-time high, while Sempra Energy and Exelon hit fresh 52-week lows.
The NASDAQ index dropped 45.47 points to 4,782.85.
Apple closed down 0.5% on the day, off 7% for the month. The stock remains in correction territory.
Both the Dow and S&P had five days of gains or losses of more than 2% this month, making it the most volatile month in nearly four years.
Phillips 66 jumped about 2.4% after Warren Buffett's Berkshire Hathaway disclosed late Friday a $4.48 billion U.S., or roughly 10.8%, stake in the oil refiner.
Oil reversed an early decline to settle up 8.8%, more than wiping out August losses and posting its best three-day rally since the three days ending Aug. 6, 1990
Crude spiked after the Organization of Petroleum Exporting Countries noted concerns about low oil prices in its publication issued Monday.
No major earnings are due on Wall Street on Monday. The Chicago purchasing managers' index for August came in at 54.4
Federal Vice Chairman Stanley Fischer told the media on Friday from the Jackson Hole symposium that it was too early to determine whether last week's market turmoil would impact the likelihood of a rate hike next month.
He added in a Saturday speech that inflation pressure in the U.S. economy is likely to rebound and allow for a gradual increase in rates.
He and the Bank of England's Governor Mark Carney indicated with their comments that the two central banks could be set to look past recent financial market turmoil set off by fears of slowing China growth.
Prices for 10-year U.S. Treasuries lost ground on the day, raising yields to 2.21% from Friday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices jumped $3.40 a barrel to $48.62 U.S.
Gold prices peeked up 10 cents to $1,134.10 U.S. an ounce.
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