Canada's main stock index dipped a bit on Monday despite a jump in oil prices lifted energy stocks.
The TSX retreated 23.67 points by noon EDT Monday from Friday’s record close, at 19,828.51
The Canadian dollar subtracted 0.07 cents to 82.79 cents U.S.
A Reuters poll of strategists predicted that the main index will climb above the 20,000 mark by the end of 2021 as a recovery in the global economy from the coronavirus crisis boosts the outlook for resource stocks.
Dye & Durham jumped $6.31, or 15.4%, to $47.30, topping the TSX’s best gainers, as a management-led shareholder group offered to acquire the company for about $3.4 billion.
Pieridae Energy rose a penny, or 2.4%, to 43 cents, after the company said it hired Japanese lender MUFG Bank to help raise $10 billion for its proposed Goldboro liquefied natural gas (LNG) export plant in Nova Scotia.
Dundee Precious Metals fell 26 cents, or 3%, to $8.55, after it agreed to buy INV Metals, which soared 26 cents, or 53.1%, to 75 cents. The second biggest decliner was Cronos Group, down 48 cents, or 4.4%, to $10.33.
On the economic calendar, Statistics Canada’s industrial product price index rose 1.6% month over month in April and 14.3% compared to April 2020 in April, while its raw material price index hiked1.0% on a monthly basis in April and 56.4% compared to April 2020.
Data showed Canada's current account balance was a surplus of $1.18 billion in the first quarter, from a revised $5.27-billion deficit in the fourth quarter of 2020, due to higher trade in goods and services.
Oil prices remained above breakeven by 66 cents to $66.98 U.S. a barrel.
Gold prices gained $3.10 to $1,908.40 U.S.
ON BAYSTREET
The TSX Venture Exchange gathered 3.12 points to 969.40.
Eight of the 12 subgroups moved lower, with health-care, down 0.8%, while consumer discretionary, off 0.6%, and consumer staples, slipping 0.5%.
The four gainers were led by energy, up 2.4%, real-estate, up 0.3%, and information technology, 0.1%.
ON WALLSTREET
U.S. markets are shuttered Monday for Memorial Day
