Stocks in Canada’s largest market faded on Monday as an advance in materials shares was offset by losses in energy companies.
The S&P/TSX composite index fought its way back into the green 10.08 points, to close Monday at 13,034.38
The Canadian dollar sidled lower 0.04 cents to 71.61 cents U.S.
The TSX –30% of which is commodity producers - has had the third-worst returns year to date of all developed nations, only faring better than Greece and Singapore.
Energy producers in the S&P/TSX slumped as crude oil slid for a fourth straight day. Encana Corp. lost 14 cents, or 2%, to $6.88, and Shawcor Ltd lost 77 cents, or 2.7%, to $27.41, as Brent crude slumped to the lowest price since mid-2004.
Raw-materials producers gained as the U.S. dollar weakened for the second straight session against a basket of its peers. China, the world’s biggest consumer of resources, signaled it may step up stimulus.
Teck Resources Ltd. rose 17 cents, or 3.7%, as First Quantum Minerals Ltd. took on 21 cents, or 4.6%, to $4.81, and First Majestic Silver Corp. jumped 21 cents, or 4.6%, to $4.57.
Shares of consumer staples companies climbed on the back of gains in Jean Coutu Group Inc. and Loblaw Companies Ltd., with both adding at least 0.9%. Saputo Inc., a manufacturer of dairy and grocery products, jumped 50 cents, or 1.5%, to $33.26.
ON BAYSTREET
The TSX Venture Exchange inched up 0.29 points to 501.59
All but three of the 13 TSX subgroups were higher by day’s end. Metals and mining soared 3.3%, gold was up 2%, and health-care was up 1.3%.
The three laggards were utilities, sinking 1.2%, energy, down 0.7%, and real-estate, off 0.6%.
ON WALLSTREET
U.S. stocks closed higher Monday, recovering slightly from a sharp sell-off last week, as investors eyed oil prices in the shortened holiday week.
The Dow Jones industrial average shot higher 123.07 points to finish at 17,251.62 Goldman Sachs gained the most, while Chevron and Exxon Mobil were among the few decliners.
Shares of Chipotle closed about 3.5% lower. The stock briefly plunged 6% to hit a fresh 52-week low after news the Centers for Disease Control is investigating another outbreak of a different E. coli strain at Chipotle.
The S&P 500 improved 14.83 points to 2,020.38. Energy eked out a positive close after holding mostly lower under pressure from oil's continued decline. Energy is down more than 20% year-to-date as the worst S&P performer.
The NASDAQ index moved higher 45.84 points to 4,968.92, helped by a 1.2% gain in Apple.
The greatest weight on the Dow was Disney. Shares of the firm closed down about 1%, continuing to decline after BTIG downgraded the stock Friday, despite a record opening weekend for the latest "Star Wars" movie in North America.
Prices for the 10-year Treasury lost ground they had gained during the day, raising yields back to Friday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices eked up one penny a barrel to $34.74 U.S.
Gold prices hiked $11.59 to $1,077.84 U.S. an ounce.
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