Stocks in Toronto were lower on Monday, getting June off to a sluggish start as commodity prices drove up mining stocks but pulled down oil and gas shares, while most of the financial sector retreated.
The S&P/TSX composite index faded 9.61 points to pause for noon at 15,004.48
The Canadian dollar slid 0.68 cents to 79.7 cents U.S.
The biggest heavyweight gainer was Bank of Nova Scotia, which rose 1.1% to $66.11, but as a whole the financial group, which accounts for roughly a third of the index, retreated 0.4%, with Toronto-Dominion Bank and other major banks falling. TD declined 1% to $53.62.
Barrick Gold Corp rose 1.2% to $14.89, while Agnico Eagle Mines Ltd climbed 1.3% to $40.55.
Energy stocks were down moving in tandem with softer crude oil prices. Lightstream Resources got bruised four cents, or 3.7%, to $1.04.
RBC manufacturing Purchasing Managers Index data was released this morning, and showed at 49.8 in May, up slightly from 49.0 in April, the highest level for the index since January.
But Canada’s largest bank also says the figure still signaled a fractional deterioration in overall business conditions. A modest increase in production levels was the main positive influence on the headline index in May.
ON BAYSTREET
The TSX Venture Exchange fell 1.14 points to 691.31
Eight of the 14 TSX subgroups were higher by noon ET, with consumer discretionary issues up 0.9%, health-care advancing 0.7%, and gold shining 0.6% brighter.
The half-dozen laggards were weighed most by energy, down 0.7%, while consumer staples and information technology each trailed Friday’s close by 0.6%.
ON WALLSTREET
U.S. stocks traded in a narrow range on Monday, the first day of trade for June, amid mixed reports on second quarter economic growth.
The Dow Jones Industrials regained 3.50 points, to greet noon at 18,014.18, with Walt Disney and JPMorgan Chase leading advancers, with Intel the greatest laggard.
The S&P 500 index eked up 0.54 points to 2,107.93, with health-care leading five sectors higher and telecommunications the greatest decliner.
The NASDAQ recovered 2.48 points to 5,072.50
Intel agreed to buy Altera for $16.7 billion U.S. as the world's biggest chipmaker seeks to make up for slowing demand from the PC industry, Reuters said.
Microsoft announced Windows 10 will be released on July 29. The company had previously said the updated operating system would be released "this summer."
Apple has filed for a potential yen-based note offering in 2020, with minimum denominations of 100 million yen. The total size of the possible offering was not disclosed in the Securities and Exchange Commission filing.
Bristol-Myers Squibb traded 3.5% higher. The stock sank 6% on Friday after it unveiled findings for its immunotherapy Opdivo that disappointed investors.
The Institute for Supply Management said its index of national factory activity was 52.8 in May, up from April's reading of 51.5, which had tied with March's reading as the lowest since May 2013. The reading topped expectations of 52.0, according to a Reuters poll of economists.
Construction spending for April increased 2.2%.
The May manufacturing PMI index came in at 54.0, slightly above the initial read of 53.8 and little changed from April's 54.1 report.
Monday's economic reports kick off a week of data. ISM non-manufacturing is expected Tuesday, while Friday brings the key non-farm payrolls report.
Prices for 10-year U.S. Treasuries slid, raising yields to 2.17% from Friday’s 2.12%. Treasury prices and yields move in opposite directions.
Oil prices fell 83 cents a barrel to $59.47 U.S.
Gold prices gained $3.50 at $1,193.30 U.S. an ounce.
