Stocks in Canada’s biggest market were plunging in early trade on Monday, weighed down by energy companies as crude oil prices slipped but buoyed by gains for miners.
The S&P/TSX Composite Index dipped 66.33 points to begin the week at 13,455.67
The Canadian dollar slid 0.43 cents to 75.23 cents U.S.
Sources say Valeant Pharmaceuticals Inc is under pressure from investors to introduce more transparency into its operations and expand its management ranks to regain credibility in the investment community.
Valeant shares fell $1.79, or 1.9%, to $90.33.
RBC cut the target price on Veresen Inc to $12.00 from $16.00. Veresen shares tumbled 97 cents, or 11.4%, to $7.56.
ON BAYSTREET
The TSX Venture Exchange lost 0.14 points to 576.17
All but three of the 13 TSX subgroups were lower in the first hour, with energy dropping 2.3%, metals and mining off 1.6%, and gold down 1.4%
The three gainers were health-care, which, with consumer staples, were each up 0.5%, while industrials inched ahead 0.1%.
ON WALLSTREET
U.S. stocks traded lower Monday, after a four-week win streak, as a decline in oil prices weighed.
The Dow Jones Industrial average slid 36.02 points to 17,177.29, with Chevron the greatest decliner and McDonald's leading advancers.
The S&P 500 hesitated 8.12 points to 2,014.07. Energy traded more than 0.5% lower as the greatest S&P 500 decliner, while utilities attempted gains as the only advancer.
The NASDAQ index dropped 12.32 points to 4,736.15.
No major economic data is expected Monday ahead of the highly anticipated Fed meeting statement and press conference due Wednesday.
Prices for the 10-year Treasury gained, lowering yields to 1.96% from Friday’s 1.98%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.20 a barrel to $37.30 U.S.
Gold prices fell $4.16 to $1,245.29 U.S. an ounce.
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