Equities in Toronto fell on Monday as lower oil prices weighed on energy stocks, while a drop in base and precious metal prices weighed on mining stocks after China's trade data disappointed and the U.S. dollar rose.
The S&P/TSX Composite Index slumped 98.9 points to start the week at 13,602.57
The Canadian dollar was negative 0.39 cents to 77.08 cents U.S.
Barclays upped the price target on Canadian Natural Resources to $39.00 from $36.00 and rating overweight as the Horizon expansions are completed and the company goes from having negative free cash flow in 2016 to having positive free cash flow in 2017.
Natural Resources stock dropped 15 cents to $35.60.
It’s a long list of companies reporting earnings this morning: among them, Great Canadian Gaming, which expects Q1 earnings of 28 cents per share.
The gaming company’s shares docked 13 cents to $17.32.
H2o Innovation projects Q3 earnings of two cents per share. H2o shares screamed higher 11 cents, or 8.2%, to $1.45.
Information Services expects Q1 earnings of 15 cents per share. Information Services added six cents to $15.08.
Inter Pipeline expects Q1 earnings of 37 cents per share. Inter shares ducked back 28 cents, or 1.1%, to $25.28.
Morneau Shepell is looking for Q1 earnings of 22 cents per share. Morneau shares dipped three cents to $17.12.
On the economic slate, there was disappointment, as housing starts fell by more than expected in April from a month earlier.
Canada Mortgage and Housing Corporation reported that housing starts fell to 191,512 units in April from a downwardly-revised 202,375 units in March.
Forecasters had expected 195,000 starts.
ON BAYSTREET
The TSX Venture Exchange dropped 5.89 points to 663.05
Eight of the 13 TSX subgroups declined in the first hour, led by metals and mining, tumbling 8.1%, gold, down 4.8%, and materials, sliding 3.8%.
The five gainers were led by consumer staples, up 0.6%, telecoms, up 0.4%, and consumer discretionary stocks, inching up 0.3%.
ON WALLSTREET
U.S. stocks achieved small gains Monday, as gains in health-care offset declines in energy and materials.
The Dow Jones Industrials added 20.34 points to 17,760.97, with Walt Disney leading advancers and Caterpillar the greatest laggard.
The S&P 500 gained five points to 2,062.14, with health-care leading six sectors higher and materials the greatest decliner.
The NASDAQ Composite Index hiked 17.67 points to 4,753.83,
Prices for the 10-year Treasury gained, lowering yields to 1.77% from Friday’s 1.78%. Treasury prices and yields move in opposite directions
Oil prices slid 36 cents a barrel to $44.30 U.S.
Gold prices dumped $23.36 to $1,265.63 U.S. an ounce.
