Equities in Toronto opened flat on Monday, supported by gains in shares of precious metal miners, with the sentiment remaining fragile against the backdrop of rising coronavirus cases globally.
The S&P/TSX Composite Index began the week up 6.97 at 15,481.17.
The Canadian dollar picked up 0.22 cents at 73.77 cents U.S.
Cineplex said on Friday it adopted a shareholder rights plan, popularly known as a "poison pill", nearly a week after Britain's Cineworld Group Plc abandoned its $1.65-billion deal to buy the Canadian theater chain. Cineplex shares lost eight cents to $10.57.
Enbridge resumed operation on Saturday of one leg of its Line 5 oil pipeline in the American Great Lakes, after a two-day shutdown due to damage to the other line. Enbridge shares faded 36 cents to $41.98.
Canadian National Railway’s CEO said Friday the country's biggest railroad is banking on growth in consumer products and supply-chain diversification in Asia, to revive traffic on its underutilized eastern Canadian rail lines. CNR shares lost $1.34, or 1.1%, to $117.64.
RBC cuts target price on Bonavista Energy to $0.10 from $0.25. Bonavista shares were unchanged at 11 cents.
BMO raises target price on Exco Technologies to $7.00 from $6.00. Exco shares gave up 20 cents, or 2.9%, to $6.70.
Scotiabank raises target price on Westshore Terminals Investment to $20.50 from $19.00. Westshore
ON BAYSTREET
The TSX Venture Exchange heightened 7.15 points, or 1.3%, to 574.35.
All but three of the 12 subgroups were lower in the first hour of trade, with financials down 0.8%, while real-estate and consumer discretionary issues each lost 0.7%.
The three gainers were gold, shining 4.3%, materials ahead 3.3%, and information technology up 0.3%.
ON WALLSTREET
Stocks traded lower to start the week as investors assessed an uptick in coronavirus cases and the pace of the economic recovery.
The Dow Jones Industrials regained 56.26 points to start Monday at 25,927.72
The S&P 500 gained 7.92 points to 3,105.66.
The NASDAQ took on 42.53 points to 9,988.65, for its seventh consecutive gain, as big tech stocks outperformed.
Shares of American Airlines were lower by 6% after the company said it was seeking new financing. United fell about 2%. Reopening trades such as Casino and hotel stocks were also under pressure with Wynn Resorts off 3%, and MGM Resorts down 1%.
However, retail names, also directly linked to the reopening, were among the biggest gainers. Shares of Gap were higher by nearly 7%, boosted by an upgrade at Wells Fargo, citing the retailer’s “under-appreciated value and optionality.” Walmart gained more than 1% after an upgrade by UBS.
Big technology stocks also helped cap the losses in the broader market. Apple and Netflix gained 1% each Monday, while Microsoft and Amazon were also higher as investors bought into technology shares which have shown resilience during the pandemic.
The major U.S. stock averages are coming off their fourth weekly gain in five weeks. Both the Dow and S&P 500 advanced at least 1% last week, while the NASDAQ Composite surged more than 3%.
The U.S. reported more than 30,000 additional coronavirus cases on Friday, the highest number of confirmed one-day infections since May 1, data compiled by Johns Hopkins University showed. Nevada, Florida, California and Arizona have also reported record-high single-day infections.
The recent coronavirus uptick in some states led Apple to reclose some of its stores. Meanwhile, a trade group said cruise lines voluntarily suspended all trips until Sept. 15.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.68% from Friday’s 0.69%. Treasury prices and yields move in opposite directions.
Oil prices acquired 16 cents to $39.91 U.S. a barrel.
Gold prices jumped $22.50 to $1,775.50 U.S. an ounce.
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