Equities fell to a nearly two-week low on Monday in Toronto, and were on track for their deepest loss since September after a travel ban implemented by U.S. President Donald Trump triggered uncertainty for investors.
The S&P/TSX Composite tumbled 171.12 points, or 1.1%, to greet noon at 15,404.69. The index last lost more than 1.3% on Sept. 13, while it touched its lowest intraday since Jan. 18 at 15,368.80.
The Canadian dollar regained 0.23 cents at 76.38 cents U.S.
Lower oil prices were an additional drag on energy stocks, with Canadian Natural Resources Ltd declining 3.9% to $38.74 and the overall energy group slumping to its lowest since mid-November
Some of the most influential weights on the TSX included the country's major bank stocks. Royal Bank of Canada fell 0.9% to $93.64, while the financials group was down 1.2%.
Gains for gold stocks tempered losses for the materials group, with Barrick Gold climbing 2.2% to $23.90 as gold rose.
Saputo Inc said it will make an all-cash takeover offer for the 12% of Australia's Warrnambool Cheese and Butter it does not already own, valuing the company at A$682 million ($515 million).
Saputo's shares dipped 0.1% to $48.18.
ON BAYSTREET
The TSX Venture Exchange swooned 4.17 points to 805.45
All but one of the 12 subgroups were down, as energy capsized 2.8%, information technology backtracked 1.7%, and industrials wilted 1.3%.
Gold proved the only gaining group, up 0.8%.
ON WALLSTREET
U.S. equities fell on Monday as a new measure taken by the Trump administration on immigration gave investors pause.
The Dow Jones Industrials collapsed 162.74 points to 19,931.04, off its lows of the morning, with Boeing and Goldman Sachs contributing the most losses.
The S&P 500 dropped 19.96 points to 2,274.73, with energy and materials leading decliners.
The NASDAQ plummeted 60.82 points, or 1.1%, to 5,599.96. The three major indexes were also on track for their worst day since Oct. 11.
In corporate news, earnings season continues this week as the likes of Exxon Mobil, Apple, Facebook and UPS get set to report quarterly results.
President Donald Trump signed an executive order late Friday that would temporarily bar entry into the U.S. to Iraqi, Syrian, Iranian, Sudanese, Libyan, Somali and Yemeni refugees.
In economic news, pending home sales for December rose 1.6%, while personal income rose 0.3%, below an expected increase of 0.4%.
Prices for the benchmark 10-year Treasury note were slightly higher, lowering yields to 2.48% from Friday’s 2.49%. Treasury prices and yields move in opposite directions.
Oil prices fell 39 cents to $52.78 U.S. a barrel
Gold prices were in the green $6.80 to $1,197.90 U.S. an ounce.
