Stocks in Canada’s largest centre continued in the doldrums Monday, plumbing month-long lows after a sizable loss on Friday.
The S&P/TSX Composite dropped 69.96 points to close Monday at 15,463.51, having hit its lowest since Feb. 8 late last week.
The Canadian dollar slid 0.29 cents at 75.92 cents U.S.
Valeant Pharmaceuticals International advanced 74 cents, or 3.5%, to $21.94, after the company said it would expand by 40% the sales force for its Salix gastrointestinal unit.
Elsewhere in the health-care field, Canopy Growth Corporation raced higher 68 cents, or 5.8%, to $12.39.
Enbridge added $2.15, or nearly 4%, to $56.35, after announcing the completion of its acquisition of Spectra Energy.
Canadian Natural Resources galloped 30 cents to $38.03.
Magna International spiked 75 cents, or 1.3%, to $57.18 after falling sharply on Friday, when the index notched its steepest fall in over five months.
Gold faltered, Barrick Gold toppling 86 cents, or 3.4% to $24.73 and Goldcorp dropping 73 cents, or 3.4%, to $20.97.
Among materials, Amerigo Resources slumbered six cents, or 10.7%, to 50 cents, while Teck Resources shed 90 cents, or 3.3%, to $26.26.
Utilities also took some knocks, as Fortis Inc. lost 40 cents to $42.33.
ON BAYSTREET
The TSX Venture Exchange stumbled 9.04 points, or 1.1%, to 827.23
Seven of the 12 subgroups were higher on the day, as health-care stocks were healthier 0.9%, while energy gushed 0.6% and industrials were better 0.3%.
The five laggards were weighed primarily by gold, plummeting 4.6%, materials, submerging 3.2%, and utilities, down 0.7%.
ON WALLSTREET
U.S. equities closed slightly higher on Monday as Wall Street looked ahead to a key speech from President Donald Trump.
The Dow Jones Industrials added 16.02 points from Friday’s all-time high at 20,837.78, with Caterpillar and Chevron contributing the most gains.
The S&P 500 turned higher by 2.38 points to 2,369.72, with energy rising 1% to offset losses in telecoms.
The NASDAQ gained 16.59 points to 5,861.90.
In corporate news, Goldman Sachs downgraded Tesla to sell from neutral, delays in the large-scale production of the Model 3. Tesla's stock declined more than 4% in afternoon trade.
Trump is set to speak at a joint Congress session on Tuesday, with investors looking for clues about the administration's plans for tax reform and deregulation.
Trump said Monday his administration will "make the government lean and accountable." At around the same time, an Office of Management and Budget official told reporters that Trump's first budget will call for a $54-billion U.S. hike in defense spending and an equal cut in what his administration deems lower priority programs.
Shares of Northrop Grumman, Raytheon and Lockheed Martin all climbed on the news.
In economic news, durable goods orders stateside rose 1.8% in January, slightly above the expected 1.7% increase. Pending home sales, meanwhile, dropped 2.8% in January to their lowest level in a year.
Prices for the benchmark 10-year Treasury note weakened, lifting yields to 2.37% from Friday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices gained seven cents to $54.06 U.S. a barrel
Gold prices slumped $6.50 to $1,251.80 U.S. an ounce.
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