Markets in Toronto stepped backward to begin the first trading week of autumn, after a very busy week on all fronts.
The S&P/TSX composite index fell 14.44 points to begin a new week at 15,250.91
The Canadian dollar backtracked 0.33 cents to 90.84 cents U.S.
The total cost of TransCanada Corp's controversial Keystone XL pipeline is likely to nearly double following six years of regulatory delays, a company spokesman said on Friday. Moreover, CIBC raised the target price on TransCanada Corporation to $63.00 from $54.00.
TransCanada shares dipped 19 cents to $61.19.
National Bank Financial raised the target on Algonquin Power & Utilities to $9.50. Algonquin shares took on two cents to $9.00.
RBC raised the rating on Enerplus Corp. to outperform from sector perform. Enerplus shares gained 50 cents, or 2.5%, to $20.89.
The Harper government has no immediate plans for a shift in mortgage rules, Finance Minister Joe Oliver said Sunday, amid speculation policymakers want banks to take more of the risk in mortgage lending.
ON BAYSTREET
The TSX Venture Exchange slid 5.31 points to 949.75.
Eight of the 14 Toronto subgroups were lower at the start, as metals and mining hesitated 1.7%, global base metals jettisoned 1.6%, and gold declined 1.1%.
The half-dozen gainers were led by consumer staples, up 1.1%, consumer discretionaries, up 0.8%, and telecoms, ahead 0.4%.
ON WALLSTREET
U.S. stock investors turned skittish, sending prices lower on Monday as they fretted about falling commodity prices and concerns about global growth.
The Dow Jones Industrials was down 21.29 points to open at 17,258.45
The S&P 500 dipped 8.83 points to 2,001.57. The NASDAQ lost 30 to 4,549.79.
Alibaba shares fell 2.3% on the second day of trading. With the e-commerce company’s underwriters set to exercise an option to sell additional shares, the IPO is now officially the world’s largest.
Shares in Apple, Inc. rose 0.4%, after the company said iPhone 6 sales topped 10 million during the first weekend, a new Apple record.
AutoZone Inc. reported fiscal-fourth quarter earnings that topped estimates, but sales were slightly below forecasts. Shares were off 2.4%.
Dresser-Rand Group Inc. gained 2.7% after German engineering company Siemens AG announced a deal to buy the U.S. oil-equipment maker for $7.6 billion U.S.
Shares of Sigma-Aldrich Corp. soared 35% in pre-market trade after Merck & Co. Inc. said Monday it will pay $140 U.S. per share for the life-science and technology company, a price that values the company at around $17 billion U.S.
Data released on Monday shows U.S. economic activity was lackluster in August. Sales of existing homes unexpectedly declined in August, for the first time in five months, the National Association of Realtors reported Monday. NAR attributed the drop to fewer all-cash sales to investors.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.57% from Friday’s 2.59%. Treasury prices and yields move in opposite directions.
Oil prices inched back 12 cents to $92.29 U.S. a barrel.
Gold prices stepped back two dollars to $1,214.60 U.S. an ounce.
