The Toronto stock market drifted marginally lower Monday in the absence of major economic news and with U.S. markets closed for the Memorial Day holiday.
The S&P/TSX composite index remained negative 13.36 points to conclude Monday at 15,187.40
The Canadian dollar slumped 0.17 cents to 81.22 cents U.S.
In corporate news, Barrick Gold signed a deal to sell its Cowal mine in Australia to Evolution Mining for $550 million U.S.
Barrick, which has been looking to sell non-core assets as it streamlines its operations and cuts costs, says it will use the proceeds to pay down debt. Its stock was up four cents at $15.15.
Meanwhile, Air Canada began a crackdown on oversized carry-on luggage beginning with flights out of Toronto’s Pearson International Airport in a program it plans to expand across the country in two weeks. Passengers whose carry-on luggage exceeds size and weight restrictions are sent back to check-in where standard fees apply. Its stock was up five cents at $12.63.
Among telecoms – the most successful sector Monday – BCE Inc. triumphed 40 cents, or 0.7%, to $54.16.
Consumer staples also finished in the green, thanks most to Cott Corp., which advanced 11 cents, or 0.9%, to $11.94.
Energy stocks did not fare so well, however, as Bellatrix Exploration faded 11 cents, or 2.9%, to $3.68.
Metals and mining stocks drooped, as Lundin Mining fell seven cents, or 1.2%, to $5.75.
Overseas, China announced a 50% cut in import duties on a number of consumer products in a move to spur consumer spending and revitalize its slowing economic growth. The tariff cuts, to take effect June 1, cover clothing, shoes, skin care products, baby food and supplies and kitchen utensils.
ON BAYSTREET
The TSX Venture Exchange fell back 3.43 points to 700.05
Eight of the 14 Toronto subgroups moved higher by day’s end, with telecoms up 0.4%, consumer staples and industrials each advancing 0.3%.
The half-dozen laggards were co-anchored by the energy and metals and mining groups, each down 0.5%, while materials sank 0.2%.
ON WALLSTREET
Markets were closed Monday for the Memorial Day holiday
