Markets in Toronto opened slightly higher on Monday, with gains weighed down by materials stocks as a stronger dollar pressured gold prices in the backdrop of a sinking Turkish lira.
The S&P/TSX Composite Index inched up 4.07 points to start the week at 16,330.58
The Canadian dollar lost 0.42 cents to 76.19 cents U.S.
The next chief executive of Air-France-KLM must not be beholden to external interests, said a senior French pilot on the group's board of directors, criticizing the possible choice of Air Canada's chief operating officer as preferred candidate.
Air Canada shares, meanwhile, picked up 18 cents to $23.67.
Canaccord Genuity cut the price target on Cineplex Inc. to $32.00 from $33.00.
Cineplex shares dipped four cents to $29.06.
CIBC cut the price target on Stuart Olson Inc. to $8.00 from $8.50. Olson stock docked 15 cents, or 2.1%, to $6.95.
RBC cut the target price on Hudbay Minerals Inc. to $11.00 from $13.00. Hudbay shares dropped a nickel to $6.63.
ON BAYSTREET
The TSX Venture Exchange slipped 4.28 points to open Monday at 689.47
Eight of the 12 subgroups began the day higher, as consumer staples marched along 0.6%, while energy and real-estate each gained 0.4%
The four laggards were weighed most by gold, dulling in price 0.8%, consumer discretionary stocks, off 0.5%, and materials, off 0.4%.
ON WALLSTREET
Stocks rose slightly on Monday but gains were kept in check as a financial crisis in Turkey that sent its currency tumbling last week worsened.
The Dow Jones Industrial Average recovered 52.22 points to 25,365.36, with Cisco Systems as the best-performing stock in the index.
The S&P 500 gained 7.72 points to 2,841, as tech climbed 0.6%.
The NASDAQ improved 38.66 points to 7,877.77.
The Turkish lira, which briefly tumbled more than 20% on Friday, reached a fresh record low on Monday before regaining some footing.
Tensions between the U.S. and Turkey increased last week after a Turkish delegation returned from Washington with no apparent progress on the detention of U.S. pastor Andrew Brunson, who is charged with supporting a group blamed for an attempted coup in 2016.
Prices for the benchmark for the 10-year U.S. Treasury were unchanged, keeping yields at Friday’s 2.88%.
Oil prices chopped 43 cents to $67.20 U.S. a barrel.
Gold prices were down $11.50 to $1,207.50 U.S. an ounce.
Related Stories
