North American markets were lower in the wake of Sunday's strong “No” vote in the Greek debt referendum and a big drop in oil prices.
The S&P/TSX composite index dropped 88.82 points to conclude Monday at 14,593.57
The Canadian dollar faltered 0.52 cents to 79.02 cents U.S.
Base metals took the biggest thrashing on the day, with Thompson Creek Metals tumbling 9.5 cents, or 9.8%, to 87.5 cents, and Taseko Mines falling two cents, or 3.1%, to 63 cents.
Energy stocks also got bruised, as Bankers Petroleum slid 29.5 cents, or 10.1%, to $2.62, and Baytex Energy swooned $1.17, or 6.3%, to $17.52.
Attempting to counter this downward movement were real-estate stocks, headed by FirstService Corp., positive by $1.69, or 4.7%, to $37.68, while Allied Properties REIT climbed $1.40, or 4%, to $36.80.
Gold stocks also shone brighter, as Alacer Gold added 13 cents, or 4.6%, to $2.98, and NovaGold Resources gained 15 cents or 3.6%, to $4.33.
On the economic beat, the Bank of Canada reported a slight overall improvement in optimism among Canadian business in its summer outlook survey.
But as in other recent surveys, pessimism in oil-producing provinces was a counterweight to the improved outlook in non-oil producing regions, including the manufacturing centres of Central Canada.
Elsewhere, Western University’s IVEY Purchasing Managers’ Index registered 55.9 for June, compared to 62.3 for May, and 46.9 for June of last year.
The survey of company purchasing managers gauges how much was spent on purchases during the month, compared to previous timeframes. Any reading over 50 shows an increase in purchases; under 50, a decrease.
ON BAYSTREET
The TSX Venture Exchange moved downward 7.25 points to finish Monday at 663.33.
Nine of the 14 TSX subgroups were lower on the day, with metals and mining collapsing 2.4%, energy retreating 2.2%, and metals and mining stocks down 2%.
The five gainers were led by gold and real-estate, each progressing 1.8%, and materials, better by 0.5%.
ON WALLSTREET
U.S. stocks closed mildly lower on Monday, recovering from sharp opening losses on selloff overseas, as traders shook off concerns of contagion from the Greece debt crisis.
The Dow Jones Industrials slid 46.53 points to 17,683.58,
The S&P 500 index slumped 7.97 points to 2,068.61,
The NASDAQ slid 17.27 points to 4,991.94.
Ahead of the unofficial start of earnings season this Wednesday, A Schulman posts results after the close.
In other corporate news, Humana agreed to be bought by rival Aetna for $37 billion U.S. in cash and stock. Humana shareholders will receive $125 U.S. in cash and 0.8375 Aetna shares for each share they now hold.
Seritage Growth Properties, the real estate investment trust created by retailer Sears Holdings, will begin trading Monday on the New York Stock Exchange. Sears said the rights offering of Seritage shares expired last Thursday and that it was oversubscribed.
Dollar Tree has received U.S. Federal Trade Commission approval to acquire rival Family Dollar Stores after a nearly year-long review. The combined company will need to divest more than 300 stores. Dollar Tree expects the deal to be completed today.
U.S. economic data out Monday includes the Institute for Supply Management's June service sector survey, which hit 56.0 in June, versus the 56.2 estimate.
Markit's services PMI for June showed a final read of 54.8.
The European Central Bank said in a Dow Jones report that it will maintain emergency liquidity assistance for Greek banks. Euro-zone leaders will meet at an emergency summit on Greece Tuesday.
German Chancellor Angela Merkel said after a meeting with French President Francois Hollande that they respect the vote of the Greeks and the door for talks with the country remains open, Reuters reported.
Last week, Greece became the first developed nation to default on a major loan from the International Monetary Fund.
Prices for 10-year U.S. Treasuries rose sharply, lowering yields to 2.29% from Thursday’s 2.39%. Treasury prices and yields move in opposite directions.
Oil prices faded $4.14 a barrel to $52.79 U.S.
Gold prices moved higher $4.10 at $1,167.60 U.S. an ounce.
