Equities in Canada’s largest market retreated across the board shortly after the open on Monday, with declines led by resource and financial stocks.
The S&P/TSX composite index plummeted 115.48 points to begin the week at 14,841.68
The Canadian dollar added 0.14 cents to 80.55 cents U.S.
Air Canada is considering adding around 10 Airbus A321 narrowbody jets to the fleet of its low-cost vacation carrier Rouge, up from previous plans for five, the Toronto-based carrier's chief executive said on Sunday. Rouge currently has 32 planes - 20 of the narrowbody A319s made by Airbus and 12 widebody Boeing 767 jets -- and plans to increase this to 50 in 2018.
Shares in the Maple Leaf airline inched up four cents to $14.25
A WestJet Airlines plane skidded off the runway while landing at Montreal's main airport on Friday, but there were no injuries, the airline said in a statement. The flight, WestJet 588 from Toronto, stopped about 50 feet onto the grass at the end of the runway, WestJet said, adding that there was no visible damage to the plane.
WestJet shares were stuck on the tarmac at $26.53.
Canaccord Genuity initiated coverage on Gibson Energy with a buy rating saying that the company’s integrated model provides multiple revenue touch points.
Gibson shares faded 27 cents, or 1.1%, to $23.38.
Canaccord Genuity started coverage on Innova Gaming with a buy rating stating that the company has significant near-term growth potential. Innova shares progressed four cents, or 1%, to $4.00
Economically speaking, Statistics Canada reported that building permits in April totaled $7.8 billion, up 11.6% from March. The agency attributes the gain in April to higher construction intentions in both the residential and non-residential sectors in Ontario.
Moreover, Canadian housing starts jumped much more than expected in May from April, suggesting the country's post-crisis housing boom still has momentum.
The report from the Canadian Mortgage and Housing Corp showed the seasonally-adjusted annualized rate of housing starts rose to 201,705 units in May from an upwardly revised 183,329 in April. Forecasters had expected 185,000 starts.
ON BAYSTREET
The TSX Venture Exchange sidled back 0.96 points to 688.89.
All 14 TSX subgroups were lower in the first hour, weighed mostly by metals and mining, slumping 1.5%, while industrials and health-care each gave back 1%.
ON WALLSTREET
U.S. stocks traded mostly lower on Monday as investors eyed a calmer bond market and weighed greater expectations of tightening following Friday's strong jobs report.
The Dow Jones Industrials fell 23.46 points to start out Monday at 17,826, with IBM leading decliners and Verizon leading advancers.
The S&P 500 index faded 4.78 points to 2,088.05, with utilities leading six sectors lower and telecommunications the greatest advancer.
The NASDAQ lost 14.55 points to 5,053.91
Deutsche Bank leaped more than 5.5% following the appointment of John Cryan as co-CEO, effective July 1. Cryan replaces long-time executive Anshu Jain. Co-CEO Juergen Fitschen will remain in his position until next May, after which Cryan will become sole CEO.
Apple edged lower as the iPhone maker kicks off its highly anticipated Worldwide Developers Conference, at which analysts expect details on its music streaming service and new operating systems.
McDonald's traded mildly higher after the fast food retailer reported a less-than-expected decline in global same-store sales as a 2.3% gain in European sales off set a 2.2% fall in the United States. Last month, the fast food retailer said it would stop reporting same-store sales beginning July.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.37% from Friday’s 2.41%. Treasury prices and yields move in opposite directions.
Oil prices dropped 47 cents a barrel to $58.66 U.S.
Gold prices moved ahead $3.20 at $1,171.30 U.S. an ounce.
