Stocks in Toronto stubbed their toes at the opening of a short week, mostly as energy stocks resumed their swoon.
The S&P/TSX composite index dropped 64.98 points to open at 14,403.28
The Canadian dollar was flat at 86.18 cents U.S.
U.S. President Barack Obama said on Friday that construction of the Keystone XL pipeline to transport crude oil from Canada to the U.S. Gulf Coast would only nominally benefit American consumers and workers in perhaps his strongest comments on the Canada-to-U.S. pipeline to date.
Oil companies such as Imperial Oil sagged 94 cents, or 1.8%, in price to $50.23.
BlackBerry Ltd is working with Boeing Co on a high-security Android-based smartphone, the mobile technology company's CEO said on Friday. BlackBerry shares gained 53 cents, or 4.6%, to $12.08.
Morgan Stanley cut the target price on Ivanhoe Mines to $4.00 from $4.50. Ivanhoe shares gave back 3.5 cents, or 3.2%, to $1.05.
RBC cut the target price on Sirius XM Canada Holdings to $7.00 from $8.00. Sirius shares dipped 18 cents, or 3.1%, to $5.71.
ON BAYSTREET
The TSX Venture Exchange skidded 4.03 points to 672.51
The 14 Toronto subgroups were split between gainers and losers, with information technology strengthening 1.2%, health-care up 1.1%, and consumer discretionaries up 0.6%.
The seven laggards were weighed by energy stocks, dumping 3%, metals and mining, down 2.1%, and consumer staples off 1.7%
ON WALLSTREET
U.S. stocks rose on Monday, with the S&P 500 extending gains after its best weekly performance in nearly two months.
The Dow Jones Industrials moved up 94.98 points to begin Monday at 17,899.78, with Boeing leading blue-chip gains that included 27 of 30 components.
The S&P 500 gained 9.42 points to 2,070.65, with technology the best performing and energy hardest hit among its 10 major industry groups.
The NASDAQ index tacked on 16.98 points to 4,765.38
American Apparel jumped after the retailer said it would evaluate a proposal to acquire the company for $1.30 to $1.40 U.S. a share.
Equities briefly cut gains after a report had existing home sales down 6.1% to 4.93 million in November.
Prices for 10-year U.S. Treasuries were flat, leaving yields at Friday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices dipped 96 cents per barrel to $56.17 U.S.
Gold prices inched up 30 cents an ounce at $1,196.30 U.S.
