Stocks in Toronto slipped their year-to-date highs Monday, as energy producers fell with the price of crude after Iran refused to join a freeze in production before increasing output to pre-sanctions levels.
The S&P/TSX Composite Index was still negative 44.46 points to close the week’s first session at 13,477.54. The index has struggled back rapidly after entering a bear market in January and subsequently tumbling to a 2013 low.
The Canadian dollar slid 0.28 cents to 75.38 cents U.S.
First Quantum Minerals Ltd. rose 63 cents, or 8.6%, to $8.00, and Teck Resources increased 15 cents, or 1.5%, to $9.96, despite an overall decline in materials stocks.
Valeant Pharmaceuticals International Inc. lost 54 cents to $91.58, as the drugmaker prepares to discuss its long-awaited fourth-quarter results and provide 2016 guidance March 15. Shares of Valeant have plunged almost 75% from an August peak as regulators and lawmakers have scrutinized the company’s operations.
Among gold stocks – the hardest hit sector Monday – Barrick Gold flopped 30 cents, or 1.6%, to $18.15, while Goldcorp collapsed 65 cents, or 3%, to $21.01.
Energy issues took the brunt of the negative market Monday as well, as Encana slipped 16 cents, or 2.2%, to $7.28, while Canadian Natural Resources dropped a cent to $36.10
ON BAYSTREET
The TSX Venture Exchange lost 5.52 points to 570.79
Eight of the 13 TSX subgroups were lower on the session, as gold drifted lower 2.8%, materials lost 1.3%, and energy sank 0.7%.
The five gainers were led by metals and mining, up 3%, while consumer staples and real-estate each inched up 0.3%.
ON WALLSTREET
American stocks closed mixed Monday, shaking off a decline in oil prices ahead of the U.S. Federal Reserve's meeting later in the week.
The Dow Jones Industrial average came from behind to gain 15.82 points to finish at 17,229.13, as Boeing contributed the most to gains in the Dow. Pfizer proved the greatest decliner.
The S&P 500 faded 2.62 points to 2,022.13, after briefly moving into positive territory near the end of the session. The S&P 500 attempted gains in afternoon trade, with consumer discretionary the top advancer and laggards such as energy and materials paring losses.
Leading consumer discretionary was an 8% rise in shares of Starwood Hotels & Resorts after the firm said it received an unsolicited acquisition proposal for $76 U.S. a share.
The NASDAQ index eked up 1.82 points to 4,750.28, a rise in shares of Microsoft, Alphabet and Gilead Sciences helping the NASDAQ.
No major economic data was handed down Monday ahead of the highly anticipated Fed meeting statement and press conference due Wednesday.
Prices for the 10-year Treasury gained slightly, lowering yields to 1.97% from Friday’s 1.98%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.26 a barrel to $37.24 U.S.
Gold prices fell $15.12 to $1,234.33 U.S. an ounce.
