Canada's main stock index slipped on Monday with heavyweight energy shares taking a hit from sluggish oil prices, offset by gains in railways, banks, and a surge in Hudson's Bay Co, which outlined a $1.25-billion refinancing plan.
The S&P/TSX composite index was down 62.24 points to greet noon at 15,048.89
The Canadian dollar fell back 0.35 cents to 88.66 cents U.S.
The two main railways, Canadian National and Canadian Pacific, were the top performers, with CN Rail adding 1.2% to $81.95 and CP gaining 1.5% to $233.48.
Suncor Energy was down 1.6% at $39.86, and Canadian Natural Resources shed 1.9% to $41.86.
Shares in department store operator Hudson's Bay Co jumped 9% to $22.02 after the company outlined a $1.25-billion refinancing plan to reduce interest payments on debt taken on when it acquired U.S. rival Saks last year.
The retailer said it would take out a 20-year mortgage on the ground portion of its flagship Saks Fifth Avenue store in New York City after an appraiser valued the property at $4.1 billion, significantly more than HBC paid for all of Saks when it acquired the company last year.
ON BAYSTREET
The TSX Venture Exchange edged higher 0.18 points to 789.31.
Nine of the 14 Toronto subgroups were lower, most notably, energy stocks, down 1.7%, materials, off 1.3%, and utilities, sliding 0.8%.
The five gainers were information technology, up 0.6%, consumer discretionaries, up 0.5%, industries, up 0.4%.
ON WALLSTREET
U.S. stocks mostly rose on Monday as investors drew cheer from central-bank action to boost the global economy and from deal activity.
The Dow Jones Industrials edged up 1.90 points at 17,811.96, with Intel and Walt Disney fronting blue-chip gains and Verizon Communications and AT&T leading losses.
The S&P 500 gained 4.63 points at 2,068.13. The NASDAQ index increased 31.34 points to 4,744.31.
Tetraphase Pharmaceuticals surged after Bloomberg News reported the biotechnology company was exploring a sale. Platinum Underwriters Holdings rose after the reinsurer said RenaissanceRe Holdings would purchase it.
Monday's economic data had the U.S. services sector expanding in November at a slower rate than the prior month as growth in new business slowed.
China unexpectedly cut interests rates and European Central Bank President Mario Draghi vowed to hike inflation as quickly as feasible.
Prices for 10-year U.S. Treasuries were higher, lowering yields to Friday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices picked up 37 cents to $76.88 U.S.
Gold prices inched up 90 cents to $1,196.80 U.S.
