Stocks in Canada’s largest market took a breather from long-time highs, as tumbles in the industrial overrode gains among tech and energy issues.
The S&P/TSX Composite reared back 24.5 points to close Monday 15,287.70
The Canadian dollar added 0.28 cents to 76.15 cents U.S.
Among industrials. Air Canada was grounded 25 cents, or 1.7%, to $14.50, while Canadian National Railway retreated $2.12, or 2.3%, to $89.52.
In the health-care sector, Valeant Pharmaceuticals ailed $1.05, or 5.2%, to $19.32, while Concordia International skidded 19 cents, or 6.2%, to $2.87.
Information technology stocks, however, led the path higher, as Constellation Software climbed $14.17, or 2.4%, to $604.89.
Energy issues continued strong, as MEG Energy gained 64 cents, or 7.7%, to $8.91, while Baytex Energy picked up 61 cents, or 9.5%, to $7.03.
Telecoms moved up as well, with BCE stronger 45 cents to $58.85.
ON BAYSTREET
The TSX Venture Exchange stayed positive 4.91 points to 753.71
Seven of the 12 TSX subgroups were better on the day as information technology moved higher 1.1%, while telecoms and energy stocks each muscled up 0.6%
The five laggards were weighed most by industrials, sinking 1.5%, health-care, down 1%, and consumer discretionary stocks, falling 0.3%
ON WALLSTREET
Stocks closed mostly lower on Monday despite oil prices soaring as Treasury yields spiked ahead of a key Federal Reserve meeting.
The Dow Jones Industrials added to Friday’s all-time high, strengthening 39.58 points to 19,796.43, with Johnson & Johnson leading advancers and Goldman Sachs the biggest decliner. It’s the 15th record close for the blue-chip index since the Nov. 8 vote that elected Donald Trump president of the United States.
The S&P 500 slid 2.57 points to 2,256.96, with consumer discretionary leading five sectors lower and telecommunications leading advancers.
The NASDAQ composite index tumbled 31.96 points to 5,412.54
In corporate news, shares of Lockheed Martin fell more than 2% in Monday trade after Trump said in a tweet the F-35 program was too expensive. Meanwhile, the proposed merger between CBS and Viacom was withdrawn by Shari Redstone, the vice chair of the board for both companies.
After nearly a year of wrangling, the Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output by 1.2 million barrels per day for six months from Jan. 1, with top exporter Saudi Arabia cutting around 486,000 barrels per day to curb the oversupply that has dogged markets for two years.
On Saturday, producers from outside OPEC, led by Russia, agreed to reduce output by 558,000 barrels per day, short of the target of 600,000 barrels per day but still the largest contribution by non-OPEC members ever.
Treasury prices for the 10-year note lost ground, raising yields to 2.48% from Friday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices strengthened 85 cents to $52.35 U.S. a barrel
Gold prices climbed $2.50 to $1,164.40 U.S. an ounce.
