Stocks in Canada’s largest market had taken a negative turn by noon ET Monday, reacting to sentiment arising from Turkey's worsening currency crisis
The S&P/TSX Composite Index reared back 58.43 points to greet noon at 16,268.08
The Canadian dollar lost 0.53 cents to 76.08 cents U.S.
Leading the declines was materials index, which fell percent as a stronger dollar pressured gold prices in the backdrop of a plunging Turkish lira.
Also weighing on the materials index were shares of First Majestic Silver Corp, which fell 10% after the miner reported a larger-than-expected loss in the second quarter.
The energy sector climbed, led by about a 0.5% gain in shares of Suncor Energy and Pembina Pipeline Corp.
The largest percentage gainers on the TSX were Intertape Polymer, which jumped 6.6% after the packaging company posted its second-quarter results, and Canadian Apartment Properties REIT, which rose 2.6%.
The second-biggest decliner – behind First Majestic -- was The Stars Group, down 7.3% after the software company posted its quarterly results.
ON BAYSTREET
The TSX Venture Exchange stumbled 7.36 points by noon at 686.39
Eight of the 12 subgroups were negative in noon hour, with health-care ailing 3.3%, gold off 1.8%, and materials sliding 1.4%.
The four gainers were co-led by consumer staples and information technology, each up 0.5% and real-estate, better by 0.4%.
ON WALLSTREET
Stocks slipped on Monday as a financial crisis in Turkey that sent its currency tumbling last week worsened, dampening investor sentiment around the world.
The Dow Jones Industrial Average moved down 102.35 points to 25,210.79, with Goldman Sachs tumbling 1%, and J.P. Morgan Chase falling and 0.7%.
The S&P 500 lost 5.85 points to 2,827.43, as materials lagged.
The NASDAQ eked up 0.53 points to 7,839.64, as Amazon and Apple rose to keep losses in check.
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 slightly higher, dropping yields to 2.87% from Friday’s 2.88%. Treasury prices and yields move in opposite directions.
Oil prices backpedaled $1.51 to $66.12 U.S. a barrel.
Gold prices were down $17.10 to $1,201.90 U.S. an ounce.
