Equities in Canada’s biggest market opened sharply lower on Monday as materials and mining stocks led broad losses across most sectors.
The S&P/TSX composite index plummeted 139.84 points, or 1%, to open Monday at 13,239.53
The Canadian dollar fell 0.03 cents at 74.98 cents U.S.
BlackBerry’s decision to roll out a smartphone powered by Google's Android platform was hotly debated internally but the gamble is necessary to test whether the company's handset business is viable, Chief Executive John Chen said on Friday.
BlackBerry confirmed it planned to introduce an Android smartphone later this year, even as it also reported weaker-than-expected quarterly results. The move marks a shift away from its own BlackBerry 10 platform, which failed to regain market share ceded to Apple Inc's iPhone and a slew of Androidpowered devices.
BlackBerry shares began Monday trading down 19 cents, or 2.2%, to $8.45.
BMO cut target price on MDA to $87.00 from $96.00 as satellite operators are seeing slower growth in specific regions and U.S. EXIM Bank’s exit from the market.
MDA shares toppled $1.89, or 2.5%, to $74.53.
ON BAYSTREET
The TSX Venture Exchange slid 2.03 points to 539.47
All but two of the 14 TSX subgroups were lower in the first hour, with metals and mining bruised 7.3%, materials down 3.3% and gold off 3.2%
The two gainers were consumer staples, up 2.5%, and telecoms, up 0.5%.
ON WALLSTREET
U.S. stocks traded lower Monday as uncertainty about the timing of a rate hike and concerns about global economic growth continued to weigh on sentiment.
The Dow Jones industrial average plunged 171.97 points, or 1.1%, at the open to 16,142.70, with Goldman Sachs the greatest weight on the index.
The S&P 500 faltered 20.94 points, or 1.1%, to 1,910.40, health-care, energy and materials the greatest decliners.
The NASDAQ index lost 60.53 points, or 1.3%, to 4,625.97.
Apple fell more than 1.5% despite news that it sold more than 13 million units of the new iPhone 6s and 6s Plus models in a record first weekend of sales.
Ahead of Friday's key employment report, August personal income data showed an increase of 0.3% in personal income and a 0.4% increase in consumer spending, roughly in-line with estimates.
August pending home sales showed a decline of 1.4%, missing expectations of a slight gain.
Prices for 10-year U.S. Treasuries hiked, lowering yields to 2.12% from Friday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices loosed 73 cents a barrel to $44.97 U.S.
Gold prices slid $15.50 to $1,145 U.S. an ounce.
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