Equities in Toronto fell midday Monday as railroad, energy and financial names lost ground, offsetting gains for the materials group as base and precious metals prices rose.
The S&P/TSX Composite slid 38.43 points to greet noon at 15,037.01. Last week, the index advanced 1.4%, extending its rally since the U.S. election.
The Canadian dollar bolted higher 0.53 cents at 74.49 cents U.S.
The most influential movers on the index included railroad stocks, with Canadian National Railway falling 0.9% to $89.37, and Canadian Pacific Railway declining 1.3% to $199.33.
U.S. crude prices surged, recouping earlier losses as the market reacted to the shaky prospect of the Organization of the Petroleum Exporting Countries being able to agree output cuts at a meeting on Wednesday.
Financials fell as bond yields declined and investors awaited fourth-quarter results this week from some of Canada's major banks.
Sun Life Financial Inc fell 1.1% to $52.48, while Bank of Nova Scotia was down 0.2% at $72.75.
The materials group, which includes precious and base metals miners and fertilizer companies, added strength, with Barrick Gold gaining 1.2% to $20.25 and Teck Resources climbing 1.6% to $35.41.
Zinc soared to a nine-year high and lead hit a five-year peak as reports of more infrastructure investment in China and signs of strong property investment in the world's top metals user sparked heavy buying.
Copper prices advanced 1.1% to $5,942 a tonne, while gold futures rose 0.9% to $1,189.20 U.S. an ounce
ON BAYSTREET
The TSX Venture Exchange gained 3.08 points to 737.66
Six of the 12 TSX subgroups were higher, with gold surging 2.4%, materials stronger 1.4%, and real-estate building 0.4%
The five laggards were weighed most by industrials, down 0.9%, energy, lower 0.7%, and consumer discretionaries, down 0.5%.
Information technology shares were unchanged by noon hour.
ON WALLSTREET
U.S. stocks fell on Monday as financials lagged, while a massive post-election rally took a breather, and investors kept an eye on oil prices ahead of a key OPEC meeting.
The Dow Jones Industrials stepped back 40.71 points from record highs to break for lunch Monday at 19,111.43, with UnitedHealth leading decliners and IBM the top advancer.
The S&P 500 dipped 6.49 points to 2,206.86, with financials leading seven sectors lower and utilities the biggest riser.
The NASDAQ composite index subtracted 14.47 points to 5,384.46
In corporate news, Boeing is expected to be the target of new World Trade Organization sanctions, according to The Wall Street Journal.
Meanwhile, Merck won priority review status from the Food and Drug Administration in its application for a new use for its cancer drug Keytruda.
Investors also kept an eye on retail stocks following Black Friday last week.
Oil futures rose after Dow Jones reported the Iraqi oil minister said Iraq will cooperate with other OPEC members to reach a deal.
In economic news, the Dallas Fed manufacturing survey rose to 8.8 in November from 6.7 in October, with no other major data scheduled for release.
Treasury prices for the 10-year note gained ground, dropping yields to 2.33% from Wednesday’s 2.36%. Treasury prices and yields move in opposite directions. Bond markets in the U.S. were closed Thursday and Friday for Thanksgiving
Oil prices hiked $1.56 to $47.62 U.S. a barrel
Gold prices spiked $11.70 to $1,190.10 U.S. an ounce.
