The TSX swung between gains and losses as Monday’s session came to a close, with energy and mining stocks deeper into negative territory.
The S&P/TSX composite index recovered 14.90 points to close the day at 14,756.05
The Canadian dollar inched higher 0.04 cents to 81.25 cents U.S.
Resource stocks have been leading the broad decline, as commodity prices take a beating from a strong U.S. dollar, which benefited from the Greek debt crisis.
Metals and mining stocks took the biggest wallop, as Capstone Mining faltered six cents, or 4.8%, to $1.20, while Sherritt International dipped eight cents, or 3.4%, to $2.25.
Problems were also reported in the energy field, as Penn West Energy faded eight cents, or 3.5%, to $2.23, and RMP Energy dipped 10 cents, or 3.4%, to $2.86.
Consumer staples tried to buoy the markets as Alimentation Couche-Tard shot higher $1.42 a share, or 2.7%, to $53.50, and Empire Company gained $1.68, or 1.9%, to $90.53.
Gold stocks were also higher, as Southern Arc Minerals bolted 12.5% higher to 4.5 cents, and China Gold International Resources popped 11 cents, or 5.1%, to $2.26.
Real-estate issues also had a favourable day, as Dream Unlimited Corp. moved higher by 38 cents, or 3.9%, to $10.10.
MBAC Fertilizer was the most actively traded stock, gaining 3.5 cents, or 53.9% to 10 cents, on 8.8 million shares
On the economic ledger, Statistics Canada reported that manufacturing sales in April fell 2.1% to $49.8 billion, the third decline in four months.
Moreover, the Canadian Real Estate Association reported this morning that national home sales activity rose 3.1% from April to May, a fourth consecutive month-over-month increase. CREA also said actual (not seasonally adjusted) activity stood 2.7% above May 2014 levels.
ON BAYSTREET
The TSX Venture Exchange dove 3.73 points to 678.41.
The 14 Toronto subgroups were evenly split between gainers and losers, as consumer staples galloped 1.1%, gold gained 0.6%, and real-estate took on 0.4%.
The seven laggards were weighed most by metals and mining stocks, down 1.3%, global base metals, off 1.1%, and energy, flagging 0.9%.
ON WALLSTREET
U.S. stocks closed lower on Monday as investors remained anxious over stalled Greece debt negotiations and the upcoming two-day Federal Reserve meeting.
The Dow Jones Industrials came off their lows of the morning, but were still negative 107.67 points to finish at 17,791.17, still into the red for 2015. United Technologies led decliners with UnitedHealth leading three advancers.
The S&P 500 index dropped 9.62 points to 2,084.49, with industrials leading all sectors except health-care lower.
The NASDAQ moved lower 21.13 points to 5,029.97, as Apple traded about 0.5% lower.
United Technologies closed 2.5% lower after news the firm will either spin off or sell its Sikorsky Aircraft division, which makes Black Hawk helicopters for the U.S. military. Earlier in the month, the unit said it would cut 1,400 jobs and consolidate facilities on reduced demand from international military orders and energy companies, a primary non-defense customer.
Target closed up 1.2% after drugstore operator CVS Health said it will acquire the retailer's U.S. pharmacy and clinics businesses in a $1.9-billion U.S. deal. CVS ended the day mildly higher, up 0.4%.
Cigna closed up 11.7% at a record after spiking more than 17% on news the health insurance provider rebuffed a takeover approach by larger insurer Anthem, Dow Jones reported. Anthem closed up 2.3%.
AIG gained more than 1% after a U.S. judge on Monday ruled the federal government does not owe Maurice "Hank" Greenberg and other shareholders of the company any damages over the company's 2008 bailout.
Economic reports on Monday mostly missed expectations. However, the second-tier data follows recent improvement in retail sales and the labour market.
Empire manufacturing data showed the weakest level in more than two years as new orders fell, Reuters said. The New York Fed's Empire State general business conditions index fell from 3.09 in May to -1.98 in June, hitting its lowest level since January 2013.
May industrial production unexpectedly fell, dropping 0.2% in May.
The National Association of Home Builders housing market index rose more than expected, gaining five points in June to the highest since last September.
European Central Bank President Mario Draghi said on Monday that the ECB would continue approving emergency funding for Greek banks as long as they have enough cash and collateral to operate. He added "the ball lies squarely in the camp of the Greek government to take the necessary steps."
Outside of developments in the Greece debt talks, the key event for the week is the U.S. Federal Open Market Committee's two-day meeting, which begins on Tuesday and concludes Wednesday afternoon with a statement and press conference. Investors will scrutinize the release for indications on the timing of a short-term interest rate hike, for which consensus is September.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.36% from Friday’s 2.39%. Treasury prices and yields move in opposite directions.
Oil prices lost 35 cents a barrel to $59.61 U.S.
Gold prices take on $7.10 at $1,186.30 U.S. an ounce.
