Canadian stocks dropped on Monday following declines in oil prices and losses in European equities.
The S&P/TSX Composite index began Monday down 27.39 points to approach noon ET at 12,062.50
The Canadian dollar squeezed down 0.03 cents to 101.09 cents U.S.
Gold-focused royalty company Franco-Nevada Corp is in the news, saying it will provide $1 billion to Inmet Mining Corp for the development of its Cobre Panama copper-gold project in Panama. Franco-Nevada shares were –down two cents to $49.06 at noon.
Elsewhere, Japan Petroleum Exploration will make a final investment decision on its Hangingstone oil sands expansion project in Canada by the end of this year, delayed from a previous mid-year target, according to Nexen Inc.. A Japex subsidiary owns a 75% stake in the project, while Nexen has the rest. Nexen issues inched up four cents to $25.48
New York State Supreme Court Justice Carol Edmead dismissed a defamation complaint against investors who raised questions of potential accounting fraud and misstatements of assets, brought by Silvercorp Metals Inc. against New York-based hedge fund Anthion Management, court documents showed on Friday. Silvercorp shares improved 22 cents to $5.49.
ON BAYSTREET
The TSX Venture Exchange faded 8.72 points to 1,224.70. The Nasdaq Canada dipped 3.64 points to 349.49.
All but three of the 14 Toronto subgroups were lower midday. Metals and mining descended 1.1%, while information technology slid 0.9% and global base metals dropped 0.6%.
The three gainers were utilities, up 0.7%, telecoms, up 0.5%, and consumer staples, ahead 0.3%.
ON WALLSTREET
Stocks traded down slightly Monday on what looks to be another quiet trading day. Still, all three indexes remain near their highest levels in more than four years.
The Dow Jones industrial average swooned 15.53 points to break for lunch at 13,259.67.
The S&P 500 index dropped 2.44 points to 1,415.72, while the tech-heavy Nasdaq Composite Index shed 5.55 points to open the day at 3,071.04.
Trading volume has been low over the past few days, with many investors on vacation and little news out of Europe.
While the most hyped social media stocks, including Facebook, Zynga and Groupon Inc., continue to plumb new lows, technology giant Apple keeps soaring to new heights. The iPod maker set another record Monday by becoming the most valuable public company in history. On Friday, its stock hit an all-time high.
With little economic news on the agenda this week, investors will keep an eye on the U.S. Federal Reserve. The central bank will release minutes from its July meeting on Tuesday. While the Fed didn't announce any further stimulus measures at the meeting, investors will look for clues about whether quantitative easing could be coming when chairman Ben Bernanke speaks at a Jackson Hole, Wyo., symposium at the end of the month.
Investors will also look for news out of Europe, as Greek Prime Minister Antonis Samaras meets with top euro-zone officials throughout the week. Samaras is expected to push for a two-year extension of Greece's bailout program, which would give the government more time to implement difficult reforms.
The price on the benchmark 10-year U.S. Treasury crept up, pushing the yield down to 1.81% from Friday’s 1.82%. Treasury prices and yields move in opposite directions.
Oil for September delivery fell 18 cents to $95.83 U.S. a barrel.
Gold futures for December delivery moved up $1.20 cents to $1,620.90 U.S. an ounce.
