Stocks in Toronto fell on Monday as weakness in commodity markets weighed on resource stocks.
The S&P/TSX composite index faltered 99.45 points to open the week at 13,259.32
The Canadian dollar collapsed 0.72 cents to 74.13 cents U.S.
The new Trudeau government, unveiling its plans at the start of the new Parliament, promised on Friday to pursue a fiscal plan "that is responsible, transparent and suited to challenging economic times."
RBC initiated coverage on Baytex Energy with a sector perform rating. Baytex shares ditched 37 cents, or 7%, to $4.89
CIBC raised the rating on TransCanada Corp outperform from sector perform. TransCanada shares slid 22 cents to $41.55
ON BAYSTREET
The TSX Venture Exchange slumped 1.58 points to 515.55.
Nine of the 13 TSX subgroups were lower at the outset, most notably metals and mining, down 4.8%, energy, skidding 3.4%, and materials, off 1.3%.
The four gainers were led upwards by health-care, up 1.1%, telecoms, inching up 0.2%, and consumer staples, up 0.1%.
ON WALLSTREET
U.S. stocks declined Monday as oil fell to trade near lows for the year.
The Dow Jones industrial average faltered 93.03 points, to lead off the day and the week at 17,754.60, after a gain of more than 360 points on Friday. Chevron and Exxon Mobil weighed. The index fell back into negative territory for the year in intraday trade.
The S&P 500 shed 8.03 points to 2,083.66. Energy fell more than 3.5% as the greatest decliner in the S&P 500.
The NASDAQ index dropped 28.15 points to 5,114.13
The decline in oil prices came after the Organization of the Petroleum Exporting Countries failed on Friday to agree on a production curb to stem sliding prices and a stronger dollar made holding crude positions more expensive.
Prices for the 10-year Treasury gained, lowering yields to 2.25% from Friday’s 2.28%. Treasury prices and yields move in opposite directions.
Oil prices ditched $1.20 a barrel to $38.77 U.S.
Gold prices demurred $8.99 to $1,077.45 U.S. an ounce.
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