Energy and gold stocks helped push the Toronto stock market lower Monday despite rising commodity prices.
The S&P/TSX composite index tumbled 98.01 points to finish trading Monday at 14,854.49.
The Canadian dollar gained 0.14 cents to 79.38 cents U.S.
It’s the sixth anniversary of the current bull market.
March 9, 2009, saw the main TSX index bottom out at 7,567 points -- it has since gained 97% to just under the 15,000 mark.
The resource-heavy TSX has been held back by a slowing global economy that has punished commodities. Energy stocks in particular have been hit hard by a collapse in oil prices.
The TSX gold sector declined as Agnico Eagle Mines dumped $1.33, or 3.7%, to $34.80, while Goldcorp gave back 56 cents, or 2.3%, to $23.46.
The base metals component was lower while May copper rose six cents to $2.67 U.S. a pound. Sheritt International stepped back seven cents, or 3.1%, to $2.16, while Teck Resources retreated 15 cents to $17.97.
The energy sector declined as Imperial Oil slumped 50 cents to $46.50.
Shipments by rail are under increased scrutiny after a Canadian National Railway train derailed during the weekend about 80 kilometres south of Timmins, Ont. Several tank cars carrying crude oil caught fire and some cars fell into a river. CN stock declined 77 cents to $84.89.
Grocer Loblaw Companies Ltd. says it will spend at least $1.2 billion on a number of initiatives, including the building of 50 new stores and more investments in its e-commerce offering, supply chain and IT infrastructure. Its shares were ahead 19 cents to $61.71.
Economically speaking, Canadian housing starts fell much more sharply than expected in February, while January numbers were revised slightly lower, data showed on Monday.
A report from Canadian Mortgage and Housing showed the seasonally adjusted annualized rate of housing starts fell to 156,276 units last month from a downwardly revised 187,025 in January. That fell short of the 180,000 economists had expected.
ON BAYSTREET
The TSX Venture Exchange lost 8.07 points to 680.72
All but four of the 14 Toronto subgroups were lower on the day, as gold tumbled 3.8%, while energy sank 2.3% and telecoms slid 1.9%.
The four gainers were led by health-care, up 1.2%, while consumer staples proved better by 1%, and consumer discretionary shares inched up 0.2%.
ON WALLSTREET
U.S. stocks traded higher on Monday as investors reevaluated the impact of Friday's strong jobs report on the timing of a Federal Reserve interest rate hike.
The Dow Jones Industrials shot higher 138.94 points to end the session at 17,995.72, with United Technologies leading gains and Intel the greatest laggard.
The S&P 500 improved 8.17 points to 2,079.43, with industrials leading eight sectors higher and energy the greatest laggard.
The NASDAQ index finished positive 15.07 points to 4,942.44
Monday is the sixth anniversary of the bull market that began after the recession.
During its first event of the year, Apple announced that its entry model Watch starts at $349 U.S. and will begin shipping on April 24.
The iPhone maker's stock traded higher near $127 U.S. a share. Immediately following the event, the stock fell as much as 1%, near $125 U.S. a share, after rising as high as 2.4% during the event. The stock touched a record price of $133.60 U.S. a share on February 24.
Time Warner spiked 1% on news that Apple will partner with HBO for a video streaming service called HBO Now.
General Motors will buy back $5 billion U.S. in stock, and commit to returning any cash above $20 billion U.S. in the future to shareholders. Activist investor Harry Wilson has agreed to drop his bid to join the GM board following that announcement.
McDonald's reported comparable-store sales that fell globally and in the United States, sharply missing expectations of a mild decline.
Alcoa is buying metals producer RTI International Metals in a $1.5-billion U.S. stock transaction.
Goldman Sachs issued a buy rating on Exxon Mobil as it said the firm is the only one of the oil majors that will generate positive free cash flow in 2016, and will have the cash the make acquisitions going forward.
Earnings due after the bell Monday include Urban Outfitters, Casey's General, United Natural Foods.
Investors now see a June rate rise as more likely after February's non-farm jobs report showed a gain of 295,000, above expectations of 240,000 in February, down from 257,000 in January.
The unemployment rate fell to 5.5%, while hourly wages ticked up 0.1%, below consensus and off the surprise 0.5% gain in January.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.20% from Friday’s 2.24%. Treasury prices and yields tend to move in opposite directions.
Oil prices were positive 45 cents to $50.06 U.S.
Gold prices gained $1.70 to $1,166.00 U.S.
