The Toronto stock market ended its four-day climb on Monday as traders reined in their enthusiasm and commodity prices shifted lower.
The S&P/TSX composite index ended the day 52.61 points lower at 12,446.86.
The Canadian dollar backed off 0.48 of a cent U.S. to 102.49 cents.
In commodities, the October crude contract on the New York Mercantile Exchange fell $2.38 to end the session at $96.62. Imperial Oil weakened by 42 cents to $46.97, while rival Suncor lost 30 cents to $34.02.
Copper prices for December were down 3.5 cents to $3.80 a pound. Copper, viewed as an economic barometer because it is used in so many industries, surged 19 cents last week. In the sector, Teck Resources fell $1.24, or 3.8%, to $31.78.
RONA Inc. shares fell $1.48, or 11.6%, to $11.29, on word that Lowe’s had withdrawn its bid for the Canadian do-it-yourself store chain.
In the gold field, Barrick Gold backpedaled nine cents to $41.10, while rival Goldcorp. moved 19 cents higher to $45.10.
Speaking of things economic, figures released by Statistics Canada showed non-resident investors acquired $6.7 billion of Canadian securities in July, after ridding themselves of $7.8 billion of our investments in June.
Canadian investment in foreign securities strengthened to $4.6 billion and was equally split between debt and equity securities.
What’s more, home sales declined 5.8% across Canada from July to August, the largest month-over-month decline since June 2010, according to the Canadian Real Estate Association.
In its outlook for the year, CREA said Monday that home sales are now forecast to rise by 1.9% to 466,900 units in 2012, but slip by 1.9% to 457,800 units in 2013.
The national average home price is forecast to rise by just 0.6% to $365,000 in 2012 and edge lower by one-10th of 1% to $364,500 in 2013.
ON BAYSTREET
TSX Venture Exchange inched down 0.2 of a point to 1,317.91.
All but two of the 14 Toronto subgroups were lower on the day. The metals and mining sector took a 3.8% pasting, while global base metals were down 2.4%, and information technology slid 1.1%.
The two gaining sectors were gold and health-care, each up 0.2%
ON WALLSTREET
U.S. stocks were in the red Monday as investors took a step back from last week's Fed-inspired rally.
The Dow Jones Industrial average let go of 40.27 points to 13,553.10
The S&P 500 index lost 4.58 points, to 1,461.19 and the tech-heavy Nasdaq Composite Index stumbled 5.28 points to 3,178.67
Office Depot got a boost after activist investment firm Staboard Value disclosed a 13% stake, making it the firm's biggest shareholder.
Starboard made a case for improving the "undervalued" business in a letter to Office Depot's CEO.
Shares of LDK a large Chinese solar products manufacturer, sank nearly 1% after the company reported a second-quarter loss of $92 million U.S.
Apple shares hit another all-time high Monday, coming within spitting distance of $700 in regular trading. Shares topped $700 after hours. Investors are excited as pre-orders for the iPhone 5 sold out and people started lining up outside retail stores to get their hands on the latest iPhone, which doesn't hit stores until Friday. Early Monday, AT&T said the iPhone 5 was the fastest selling iPhone it has ever offered.
With little on the docket Monday, trading is expected to be somewhat muted. The only economic report of note, the September Empire State Manufacturing Survey, indicated that manufacturing in New York continued to slip.
The general business conditions index edged another five points lower to -10.4, according to the report, released ahead of the opening bell by the New York's Federal Reserve. It was also weaker than economists had expected.
Investors will get a broader view on manufacturing later in the week, when the Philadelphia Fed releases its report.
But housing data will dominate, with reports on mortgages, housing starts, building permits and existing home sales due out starting Tuesday.
The price on the benchmark 10-year U.S. Treasury rose slightly, pushing the yield down to 1.84% from 1.87% late Friday. Treasury prices and yields move in opposite directions
Oil prices for September delivery tanked $2.46 to $96.54 U.S. a barrel.
Gold closed down $2.10 at $1,770.60 U.S. an ounce.
