The Toronto stock market took some hits soon after Monday’s opening bell, amid lower commodity prices.
The S&P/TSX Composite Index slumped 60.07 points to begin Monday at 12,708.76
The Canadian dollar faded 0.07 cents to 100.26 cents U.S.
Turquoise Hill Resources will be in focus after Mongolia’s president said his country should have more control of the Oyu Tolgoi copper and gold project. Mining giant Rio Tinto has a 66% stake in Oyu Tolgoi through its 51% interest in Vancouver-based Turquoise Hill, formerly known as Ivanhoe Mines Ltd.
The development is the world’s biggest copper mine under construction. Mongolia has a 34% stake in the project. Turquoise Hill shares gained a penny to $7.68, ironically, on the day when the Canadian penny is being taken out of circulation.
Elsewhere in the metals sector, shares of Sherritt International ducked back 1.7% to $5.89, while Teck Resources sank 1.6% to $36.42.
Financials also took it on the chin, with TMX Group – which controls the TSX -- sliding 1.9% to $53.26, and CI Financials retreating 1.7% to $26.70.
ON BAYSTREET
The TSX Venture Exchange docked 8.43 points to 1,220.23
All but two of the 14 Toronto subgroups started the day in the red, most notably global base metals, down 1.3%, while financials and the metals and mining group each lost 1%.
The two gainers were information technology, ahead 1.1%, and gold, eking up 0.2%.
ON WALLSTREET
U.S. stocks fell at the opening bell Monday, with the Dow retreating from the 14,000 milestone.
The Dow Jones Industrial Average retreated 98.11 points to begin trading at 13,911.70
The S&P 500 index dove 7.27 points to 1,505.90. The tech-heavy NASDAQ Composite moved downward 14.14 points to 3,164.96
Investors had little to focus on in the way of new Monday, the number of earnings reports from top companies starting to slow.
Royal Caribbean Cruises reported a fourth-quarter loss, but said it expects demand to improve this year in North America, while Europe will remain weak. Gannett shares edged higher after the media company said earnings rose in the fourth quarter, excluding one-time items.
Yum! Brands will report after the close. Disney and BP will release quarterly results on Tuesday.
Shares of Dell were down 1% despite more reports that the company could go private early this week. Microsoft is reportedly poised to assist in financing the deal.
Facebook shares were also lower in early morning trading, as the social networking site marked the ninth anniversary since its inception.
Herbalife shares plunged after the New York Post said the company is being investigated by the U.S. Federal Trade Commission.
On the economic front, the U.S. Census Bureau released data on factory orders for December this hour.
Prices on the 10-year U.S. Treasury picked up some ground, lowering yields to 1.99% from Friday 2.01%. Treasury prices and yields move in opposite directions.
Oil prices sagged $1.44 to $96.33 U.S. a barrel.
Gold prices deducted $4.40 to $1,666.20 U.S. an ounce.
