Equities in Canada’s largest centre fell on Monday as energy shares exerted further pressure on the overall index after crude oil prices hit 2003 lows, while Suncor Energy slipped after upping its offer for Canadian Oil Sands.
The S&P/TSX composite index moved lower 94.07 points to greet noon 11,979.39, continuing the downward path it started in the last trading week of 2015.
The pair of oil companies was among the most influential movers on the index, with Canadian Oil Sands surging 88 cents, or 11.8%, to $8.36, and Suncor off $1.23, or 3.9% at $29.99.
Another major producer, Canadian Natural Resources, declined 84 cents, or 3.4%, to $23.60. The overall energy group has lost almost 30% of its value since October.
Among financials, Toronto-Dominion Bank advanced 24 cents, or 0.5%, to $49.69.
Oil prices moved lower 42 cents a barrel to $29.00 U.S.
Gold prices nicked higher 42 cents to $1,089.30 U.S. an ounce.
ON BAYSTREET
The TSX Venture Exchange dropped 2.56 points midday Monday to 486.40.
All but one of the 13 TSX subgroups remained lower by noon hour, with consumer staples tumbling 2.5%, energy down 2.4%, and information technology skidding 1.9%.
Only gold held out against the negative tide, and only 0.2%.
ON WALLSTREET
Markets stateside are closed Monday for Martin Luther King Day.
