Canadian stocks were lower by midday Monday, as European finance ministers meet to hammer out the details on a multi-billion-euro loan to the International Monetary Fund -- seen as an important step in stabilizing the debt crisis in Italy and Spain.
The S&P/TSX Composite Index had fallen 76.38 points, to approach noon at 11,559.
The Canadian dollar gained 0.14 cents to 96.59 cents U.S.
Canadian bank stocks were relatively flat, but Suncor Energy Inc. rose 0.6%.
Eldorado Gold Corp. fell 10.6% after it struck a $2.5-billion deal to take over European Gold Fields Ltd. Among other gold stocks, Barrick Gold Corp. fell 1.1%.
On matters economic, Statistics Canada reported this morning that wholesale sales increased 0.9% to $49.2 billion in October, with growth in the west driving much of the hike.
ON BAYSTREET
The TSX Venture Exchange shaved 1.07 points to 1,425.04, while the Nasdaq Canada index was down 2.52 points to 351.70
All but three of the 14 Toronto subgroups were down by midday. Global base metals slid 1.8%, while materials skidded 1.5%, and gold went down 1.4%.
The three gainers were telecoms, up 0.9%, while consumer staples and utilities moved doggedly ahead 0.3% each.
ON WALLSTREET
In New York, stocks turned lower Monday as investors remain concerned about the debt crisis in Europe and its potential impact on the global banking system.
The Dow Jones Industrials moved down 64.82 points to greet lunch hour at 11,801.57
The S&P 500 deferred 9.41 points, to 1,210.25, while the Nasdaq Composite faded 14.47 points to 2,540.86
Stocks opened higher but the gains faded as a selloff in the banking sector dragged down the broader market.
Saudi Prince Alwaleed Bin Talal and his investment company, Kingdom Holding Company, announced a combined investment of $300 million U.S. in Twitter, a social media website.
Shares of Winn Dixie fell after the food retailer agreed to merge with Bi-Lo to create an organization of 690 grocery stores throughout the U.S. Bi-Lo will acquire the outstanding Winn Dixie shares.
Research in Motion shares fell slightly, after the BlackBerry maker offered a disappointing outlook for the current quarter and next year in releasing its earnings results.
Shares of Zynga rose 10% in their public debut on the Nasdaq Friday, before closing the day down 5% from the firm's initial public offering price. The maker of popular Facebook game FarmVille priced shares at $10 apiece in its IPO late Thursday.
Bank of America fell 3% to $5.02 U.S. per share, marking a new 52-week low. Citigroup, Goldman Sachs and JPMorgan chase were also down between 1.5% and 3%.
U.S. banks have been hit by concerns about their exposure to bonds issued by fragile governments in the euro-zone. On Friday, Fitch put seven European countries on credit watch negative, citing a higher probability that it could downgrade these nations in the next few months.
European finance ministers continue to work on a plan to strengthen a financial "firewall" by funneling between €150 and €200 billion euros into the International Monetary Fund. They are also trying to finalize the details of an intergovernmental pact to ensure budgetary discipline.
North Korean leader Kim Jong Il died Saturday after suffering from a heart attack, according to a state media report. The ruling Worker's Party proclaimed his youngest son, Kim Jong Un, "the great successor," indicating he would assume his father's post.
The price on the benchmark 10-year U.S. Treasury eked upward, pushing the yield down to 1.83% from 1.85% Friday. Treasury prices and yields move in opposite directions.
Oil for January delivery dipped 24 cents to $93.29 U.S. a barrel.
Gold futures for February delivery fell $9.40 to $1,606.80 U.S. an ounce.
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