Markets in Canada’s biggest market declined as gold prices weighed on mining shares, while defensive sectors also declined, offsetting gains for financials as bond yields surged.
The S&P/TSX Composite settled 8.47 points to greet noon at 14,546.94, after a drop of nearly 200 points Friday.
The Canadian dollar dropped 0.22 cents, to 73.63 cents U.S.
The most influential movers on the index included gold companies. Barrick Gold Corp fell 3.4% to $19.38 and Agnico Eagle Mines Ltd declined 3.5% to $55.20.
The consumer staples group fell 1.2%, with Alimentation Couche Tard Inc down 2.7% at $61.70.
Financials picked up the pace, driven by Toronto-Dominion Bank rose 1.4% to $62.51, while Manulife Financial Corp gained 3% to $23.10
Amaya Inc's former chief executive, David Baazov, has offered to buy the Canadian online gambling company in a deal valued at about $3.48 billion.
Its shares jumped 16.8% to $21.42.
Gold Fields Ltd. said late on Sunday that it had made three successive takeover proposals jointly with Silver Standard Resources Inc for Canadian miner Kirkland Lake Gold, confirming a media report on Friday.
Kirkland Lake's shares rose 3.6% to $8.33.
ON BAYSTREET
The TSX Venture Exchange eased 8.92 points to 718.99
Seven of the 12 TSX subgroups were negative by noon hour, as consumer staples stuttered 2.2%, utilities went south 2.1%, and real-estate doffed 0.9%.
The five gainers were led by financials, climbing 0.8%, gold, up 0.7%, and materials, 0.6% to the good.
ON WALLSTREET
U.S. stocks traded slightly lower on Monday, after the Dow Jones industrial average hit a new all-time high, as investors evaluated the prospects of economic growth following Donald Trump's presidential election win.
The Dow Jones Industrials dropped 10.99 points from Friday’s all-time high to 18,836.67, with Goldman Sachs contributing the most gains and Apple the most losses.
The S&P 500 faltered 5.85 points at 2,158.60, with a 1.8% fall in information technology offsetting a 2% gain in financials.
The NASDAQ composite index shed 28.78 points to 5,208.34, as as Apple and the so-called FANG stocks (Facebook, Amazon, Netflix and Google's parent firm Alphabet) all fell.
In an interview with CBS' "60 Minutes," Trump urged his supporters to stop harassing minority groups "because I'm going to bring this country together." In the same interview, however, Trump said he would deport millions of illegal immigrants.
Following Trump's victory over Democrat Hillary Clinton, investors and traders quickly honed into Trump's economic policies, which could lead to higher infrastructure spending and less regulation within financials.
Treasury prices for the 10-year note plummeted, raising yields to 2.21% from Thursday’s 2.14%. Treasury prices and yields move in opposite directions. Bond markets were closed Friday for Veterans Day.
Oil prices skidded $1.14 to $42.27 U.S. a barrel
Gold prices fell $5.20 to $1,219.01 U.S. an ounce.
