Stocks in Canada’s largest centre found themselves in something of a range throughout May’s first session, as gains in tech and health-care stocks were overridden by declines for gold issues.
The S&P/TSX Composite Index dropped 10.5 points to conclude Monday at 15,575.63
The Canadian dollar doffed 0.18 cents at 73.1 cents U.S.
BlackBerry was static by day’s end at $12.75, while Constellation Software climbed $23.18, or 3.7%, to $647.51.
Health-care issues enjoyed strength especially marijuana stocks like Aphria Inc., ahead 38 cents, or 6.2%, to $6.52, while Canopy Growth stayed put at $9.13.
In the consumer discretionary area, Canadian Tire added 11 cents to $166.71.
Shares of Veresen Inc jumped $2.92, or 19.2%, to $18.15 on news that it agreed to be acquired in a $9.7-billion stock-and-cash deal by its larger rival Pembina Pipeline Corp.
Pembina shares declined $1.49, or 3.4%, to $42.01
Gold stocks fell on the day, as IAMGOLD shed 27 cents, or 4.7%, to $5.38, while Barrick Gold skidded 39 cents, or 1.7%, to $22.43.
In materials, Agrium Inc. fell six cents to $128.06
In the telecom field, BCE Inc. doffed 75 cents, or 1.2%, to $61.40.
On the economic front, seasonally-adjusted Markit Manufacturing Purchasing Managers Index figures for April moved upward to 55.9 from the 55.5 figure for March, the 14th straight reading above 50.
Moreover, the latest reading signaled the strongest improvement in business conditions for exactly six years. This mainly reflected faster rises in new orders and employment numbers in April.
ON BAYSTREET
The TSX Venture Exchange faltered 5.71 points to 801.06
The 12 TSX subgroups were evenly split between gainers and losers, as information technology surged 1.3%, while health-care issues were haler 1%, and consumer discretionary stocks strengthened 0.5%
The half-dozen laggards were weighed mostly by gold, down 2.6%, materials, retreating 1.2%, and telecoms, drooping 0.5%.
ON WALLSTREET
U.S. equities closed mostly higher in choppy trade Monday, shaking off comments from President Donald Trump said about breaking up the big banks.
The Dow Jones Industrial Average tumbled 27.05 points to finish Monday at 20.913.46, with Apple leading advancers and Boeing the biggest decliner.
The S&P 500 moved higher 4.13 points to 2,388.33, with financials, information technology and real estate leading advancers.
The NASDAQ Composite vaulted 44 points to 6,091.60, yet another all-time high.
Several individual bank stocks, including Bank of America and Citigroup, whipsawed following Trump's remarks. Bank stocks have been some of the best performers since Trump was elected in November. Investors piled into the group betting the Trump administration would loosen up certain regulations
Earnings season also continues this week, with Apple, Facebook, Tesla and BP all reporting.
This earnings season has been strong thus far, with more than 75% of companies beating profit estimates and about 70% topping sales forecasts as of Friday morning
The Institute for Supply Management manufacturing index slipped to 54.8 in April from 57.2 and came in below consensus. Also, construction spending in March moved toward a record high.
The U.S. Commerce Department said consumer spending remained flat in March, while personal income rose less than expected.
Lawmakers reportedly reached a deal Sunday to keep the government funded for the next five months
The full House and Senate must still approve the bipartisan pact, which would be the first major legislation to clear Congress since Donald Trump became president on Jan. 20.
Prompt passage of the legislation is expected this week.
Prices for the benchmark 10-year Treasury note dropped, raising yields to 2.32% from Friday’s 2.28%. Treasury prices and yields move in opposite directions.
Oil prices went south 60 cents at $48.73 U.S. a barrel
Gold prices lost $10.30 at $1,258.00 U.S. an ounce.
Related Stories
