Stocks in Canada’s largest market ended a three-day slide on Monday, rallying in the afternoon to finish higher despite a retreat from raw-materials and energy producers.
The S&P/TSX Composite Index recovered 32.08 points to conclude Monday at 13,390.19
The Canadian dollar recovered 0.5 cents to 75.86 cents U.S.
Valeant Pharmaceuticals International Inc. tumbled $3.14, or 7.6%, for a second day of losses, closing at $38.07. The embattled drug maker’s annual 10-K filing may be delayed due to asset impairments including recent acquisitions that haven’t fared well, one expert wrote.
Briefly the largest company in Canada by market capitalization last year, Valeant has lost almost 90% of its value from an August peak.
Base metals faded, primarily First Quantum Minerals, which sank 20 cents, or 2.9%, to $6.79.
On the positive side, the most influential gainers included insurer Sun Life Financial Inc, which rose 42 cents, or 1%, to $41.92, and
National Bank of Canada, which advanced 80 cents, or 1.9%, to $42.36.
ON BAYSTREET
The TSX Venture Exchange remained negative 4.26 points to 575.8
Seven of the 13 TSX subgroups were negative, as health-care dipped 1.4%, metals and mining docked 0.8%, gold lost 0.6%.
The half-dozen gainers were led by financials, up 0.9%, while consumer discretionary and utilities each gained 0.7%.
ON WALLSTREET
It was a mixed back for U.S. stocks Monday as trading volumes were low. Investors observed oil prices and awaited data and comments from key U.S. Federal Reserve policymakers due later in the week.
The Dow Jones Industrials gained 19.66 points to 17,535.39. Boeing and Microsoft were most instrumental in keeping the Dow closer to last week’s levels, while 3M contributed the most to gains among the Dow 30.
The S&P 500 poked ahead 0.7 points to 2,036.64. Energy and utilities were the greatest decliners in the S&P 500.
The NASDAQ index fell back 6.72 points to 4,768.94, as Netflix, Gilead Sciences and Facebook traded higher, while Apple moved lower.
Shares of Valeant Pharmaceuticals fell sharply after news the firm's CEO has been summoned to testify at a U.S. congressional hearing on April 27. The drug maker is under scrutiny for significant drug price hikes. Last week, Valeant said CEO Michael Pearson would step down.
Fed Chair Janet Yellen is due to speak Tuesday. Thursday marks the end of the quarter, while the jobs report and ISM manufacturing data are expected Friday.
In economic news, consumer spending edged up 0.1% in February, after January's figure was revised lower to show a 0.1% gain versus the previously reported 0.5% rise. Personal income rose 0.2%
Excluding food and energy, prices gained 0.1% after advancing 0.3% in January. In the 12 months through February, the so-called core PCE price index increased 1.7% after a similar increase in January.
The U.S. Department of Commerce also said the advance February goods trade deficit was $62.86 billion U.S.
The trade gap, wider than most expectations, and the downward revision in January consumption prompted several cuts to first-quarter Gross Domestic Product estimates.
The National Association of Realtors said its pending home sales index rose 3.5% to 109.1 last month, the highest level in seven months. January's reading was revised to show a 3% decline, which was deeper than initially reported
While U.S. markets were closed for Good Friday, the Commerce Department's third GDP estimate for the fourth quarter showed an annual growth rate of 1.4% instead of the previously reported 1% pace.
However, corporate profits declined for a second-straight quarter and fell 5.1% for all of 2015, their largest drop since 2008. Profits fell 0.6% in 2014.
Prices for the 10-year Treasury gained slightly, lowering yields to 1.89% from Thursday’s 1.9%. Treasury prices and yields move in opposite directions.
Oil prices forfeited 10 cents a barrel to $39.36 U.S.
Gold prices picked up $3.06 to $1,220.11 U.S. an ounce.
