The Toronto stock market slipped Monday amid falling commodity prices as the latest data showed slightly smaller-than-expected increases in China's industrial production and retail sales.
The S&P/TSX composite index shed 59.54 points to end the day at 12,529.55
The Canadian dollar inched higher 0.07 cents to 98.89 cents U.S.
In the energy sector, EnCana Corp. fell 3%, or 58 cents, to $18.74 per share.
July copper was up a cent at $3.36 U.S. a pound, while the metals and mining sector fell. Shares in Teck Resources were down 2.6%, or 76 cents, at $28.75.
Meanwhile, the country's largest airline, Air Canada saw its shares plummet by 7.8%, or 17 cents to $2.00, amid news that it is moving to cut costs by $50 million in the current quarter.
In an internal memo obtained by The Canadian Press, Air Canada chief executive officer Calin Rovinescu said the company will put in place a hiring freeze, end the use of consultants and find more savings through its suppliers.
The health-care sector was the brightest among those gaining strength, as Extendicare ballooned 5.8% in price to $6.79, and Valeant Pharmaceuticals gained 3.2% to $76.73.
Tech stocks climbed, too, with BlackBerry picking up 2.2% to $16.05.
No major Canadian economic data was released today.
ON BAYSTREET
The TSX Venture Exchange eased 9.53 points to 957.20.
Of the 14 Toronto subgroups, losers outnumbered gainers eight to six. Gold stocks slumped 2.3%, while materials skidded 2%, and global base metals gave back 1.9%.
The half-dozen gainers were led by health-care, 2% more robust, while information technology took on 0.7%, and consumer staples were 0.4% to the good.
ON WALLSTREET
The U.S. Federal Reserve and its bond buying program remained a hot topic Monday, following a Wall Street Journal report over the weekend that said central bank officials are considering an exit strategy for the massive stimulus measures that have been fueling the economy since late 2008.
The Dow Jones Industrials remained negative 26.81 points to finish Monday at 15,091.70
The S&P 500 index was up 0.08 points to 1,633.78, while the NASDAQ Composite gained 2.21 points to 3,438.79
Currently, the Fed buys $85 billion U.S. a month of mortgage-backed securities and Treasuries. And just last month, the central bank said it stands ready to either "increase or reduce the pace" of those purchases in response to economic activity.
Companies will continue to open their books this week, with Macy's, Wal-Mart and J.C. Penney as well as networking firm Cisco Systems on deck.
Shares of Tesla Motor extended last week's rally. The electric car maker reported its first quarterly profit last week, and a separate report said Tesla sales outperformed German luxury brands.
Most major companies have announced their first-quarter earnings and results have been pretty good. According to S&P Capital IQ, of the 453 S&P 500 companies that have reported first quarter results, 301 have beat analysts' estimates, 115 have missed, and 37 have met.
Economically speaking, the U.S. government reported that retail sales edged up 0.1% in April, versus expectations for a 0.3% decline.
Prices on the 10-year U.S. Treasury fell, lifting yields to 1.92% from Friday’s 1.90%. Treasury prices and yields move in opposite directions
Oil prices dropped $1.11 to $94.93 U.S. a barrel.
Gold prices shed $5.70 at $1,430.90 U.S. an ounce
