Equities in Canada’s biggest market fell on Monday, weighed by banks and miners amid lower prices for gold and copper, as investors fretted about Chinese growth and try to pin down the U.S. Federal Reserve's likely path toward higher interest rates.
The S&P/TSX Composite Index moved lower 51.92 points to move into noon hour at 13,388.52
The Canadian dollar sank 0.2 cents to 76.65 cents U.S.
The most influential movers on the index included Brookfield Asset Management, which fell 2.5% to $43.96, and BlackBerry, which lost 3.8% to $9.37, extending losses from Friday after disappointing results.
Among miners, Potash Corp fell 2.3% to $21.67.
Barrick Gold declined 1% to $17.61 and Goldcorp lost 0.8% to $20.76, as gold fell after strong U.S. economic data boosted risk appetite, while uncertainty continued about the Federal Reserve's interest rate path.
Copper touched its lowest in a month and nickel slipped to its lowest in six weeks on persisting concern over Chinese growth and metals demand.
ON BAYSTREET
The TSX Venture Exchange strengthened 6.59 points to 588
Nine of the 13 TSX subgroups faltered by noon, with metals and mining sliding 2.5%, gold down 1.5%, and materials off 1.4%
The four gainers were led by health-care, up 0.9%, telecoms, improving 0.5%, and industrials, ahead of Friday’s close by 0.2%.
ON WALLSTREET
U.S. stocks traded in a range Monday, with health care stocks outperforming, as investors eyed oil prices and the week's Federal Reserve speakers.
The Dow Jones Industrials were coiled into negative country 5.55 points to 17,787.20, with GE leading decliners and Pfizer the top gainer.
The S&P 500 docked 5.11 points to 2,067.67. Health-care and energy held about 0.5% higher or more to lead a few S&P 500 advancers
The NASDAQ index fell back 8.35 points to 4,906.20. Apple traded more than 1% higher to top its 200-day moving average in intraday trade for the first time since Nov. 5. However, the NASDAQ underperformed the major averages as Facebook, Microsoft, Amazon.com and Alphabet traded lower.
Edwards Lifesciences jumped more than 17% to hit a new all-time high. Several brokerages raised their ratings on the stock after a study showed a less-invasive heart valve implant was superior to open surgery
Federal Open Market Committee voting member Boston Fed President Eric Rosengren said he believed it will likely be appropriate to resume the path of gradual tightening sooner than is implied by financial market futures. He added the "U.S. has weathered foreign shocks quite well" and that risks from abroad are easing.
Alternate members Minneapolis Fed President Neel Kashkari and Dallas Fed President Rob Kaplan are due to give remarks in the evening. Fed Chair Janet Yellen is due to speak on Thursday.
In economic news, factory orders declined 1.7% in February.
Prices for the 10-year Treasury were higher, lowering yields back to 1.77% from Friday’s 1.78%. Treasury prices and yields move in opposite directions.
Oil prices dipped 19 cents a barrel to $36.60 U.S.
Gold prices shed $2.40 to $1,220.20 U.S. an ounce.
