The Toronto stock market was slightly lower at the open Monday as commodities fell in the wake of weak Chinese trade data and disappointing Japanese growth for the fourth quarter.
The S&P/TSX composite index slid 14.90 points to open the day and week at 14,284.18
The Canadian dollar fell 0.13 cents at 90.05 cents U.S.
On the corporate front, satellite hardware developer Com Dev International says quarterly net income dropped to $1.8 million, down nearly 55% from the first quarter of fiscal 2013 as a stronger U.S. dollar weighed on results. Revenue was down 1% from a year ago at $51.8 million. Com Dev shares gave back two cents each at $3.88.
The Second Cup Ltd. recorded net income of $1.18 million or 12 cents a share, improved from the year earlier loss of $12 million a year ago when Second Cup recognized the impaired value of its assets. Adjusted earnings per share were 17 cents, down from 18.2 cents per share a year earlier. Second Cup shares shed a nickel to $4.75.
Economically speaking, data released on the weekend showed China’s exports fell by an unexpected 18% in February.
China’s official 2014 economic growth target of 7.5% assumes trade also will grow by 7.5%. But customs data show combined imports and exports so far this year have shrunk by 4.8%.
On the domestic slate, a report from the Canada Mortgage and Housing Corp showed the seasonally-adjusted annualized rate of housing starts rose to 192,094 units last month from a upwardly revised 180,481 in January, topping economists' forecast for 189,500.
ON BAYSTREET
The TSX Venture Exchange retreated 1.64 points to 1,041.37
All but four of the 14 Toronto subgroups were lower at the outset, weighed down mostly by metals and mining, down 2.5%, global base metals, off 2.4%, and materials dipped 0.7%.
The three laggards were led by consumer staples, up 0.3%, while financials eked up 0.03%, and utilities barely cleared breakeven at 0.01%. Real-estate issues were unchanged in the early going.
ON WALLSTREET
With little U.S. economic or corporate news on the docket Monday, investors were keeping an eye on the rest of the world to get a sense of where the market is headed.
The Dow Jones Industrial Average dumped 73.79 points to 16,378.93
The S&P 500 index faded 5.80 points to 1,872.24. The NASDAQ dipped 12.25 points to 4,323.97.
The Dow and S&P 500 are near all-time highs as investors celebrated the fifth anniversary of the current bull market. But the NASDAQ is not back to all-time highs yet.
In fact, Monday is the 14th anniversary of the tech-heavy index hitting its peak of above 5,130. Still, the NASDAQ is now only about 15.5% below its dot-com boom record, thanks to a nearly 40% jump last year and strong start to 2014.
In corporate news, Boeing shares fell after Malaysia Airlines Flight 370, a Boeing 777, disappeared Saturday in mysterious circumstances en route to Beijing. The company also announced late Friday that "hairline cracks" had been found on some of its Dreamliner 787 jets still in production.
Chiquita Brands rallied after the company said it was buying Ireland's Fyffes for about $526 million to create the world's leading banana company.
Shares of eBay slumped after Carl Icahn stepped up his campaign against the company's management. In a letter Monday, the activist investor again attacked eBay's board for alleged conflicts of interest related to its financial interests in companies that Icahn believes are eBay competitors. Icahn wants eBay to spin off its PayPal unit.
Prices for 10-year U.S. Treasuries were static Monday, keeping yields at Friday’s 2.79%.
Oil prices faded $1.49 to $101.09 U.S. a barrel.
Gold prices increased in price 80 cents to $1,339.00 U.S. an ounce.
