Equities in Toronto were broadly lower midday Monday, reversing earlier gains as a retreat led by financial stocks offset advances by mining stocks.
The S&P/TSX Composite Index reversed gains and dropped 76.28 points to greet noon at 15,471.47
The Canadian dollar faded 0.42 cents at 74.67 cents U.S.
The financials group slipped, as six of the 10 most influential decliners were banks and insurers. Royal Bank of Canada was down 0.9% at $96.02, while Sun Life Financial fell 1.8% to $47.68.
Enbridge Inc, another influential decliner, fell 1.3% to $54.99, as the overall energy group retreated
Magna International Inc also dragged on the index, sliding 2.8% to $55.81, helping push the consumer discretionary group down.
Teck Resources Ltd was up 4% to $30.25, as thermal coal prices and European coal futures climbed. Prices rose due to a disruption of coal exports caused by rail line damage in northeast Australia from Cyclone Debbie, which struck last week.
Gold miners, including Barrick Gold, advanced 1.6% to $25.67, and Franco Nevada Corp. climbed 1.6% to $88.52
On the economic slate, the seasonally-adjusted Markit Canada Manufacturing Purchasing Managers’ Index rose to 55.5 in March from 54.7 in February, to remain above the crucial 50.0 no-change value for the 13th consecutive month.
ON BAYSTREET
The TSX Venture Exchange surged 2.45 points to 818.22
All but four of the 12 TSX subgroups had turned into the minus column by lunch hour, with health-care and consumer discretionary each fading 1%, while energy lagged 0.9%.
The four gainers were led by gold, up 1.9%, materials, up 1.1%, and real-estate, inching up 0.1%.
ON WALLSTREET
U.S. equities fell on Monday — the first trading day of the month and quarter — as investors pored over through key economic data.
The Dow Jones Industrials tumbled 132.24 points to begin Monday at 20,530.98, with Goldman Sachs contributing the most losses.
The S&P 500 fell 16.86 points to 2,345.86, with financials dropping more than 1% to lead decliners
The NASDAQ Composite dwindled 41.59 points to 5,870.15
The Institute for Supply Management manufacturing index read for March hit 57.2, topping estimates but slipping from the previous month's level. Construction spending rose 0.8% in February to its highest level in nearly 11 years.
Monthly auto sales numbers will also be released throughout the day.
Wall Street also prepared itself for a meeting between President Donald Trump and Chinese President Xi Jinping on Thursday and Friday.
The two leaders are expected to discuss trade and North Korea, among other subjects.
Prices for the benchmark 10-year Treasury note gained sharply, lowering yields to 2.34% from Friday’s 2.4%. Treasury prices and yields move in opposite directions.
Oil prices subsided 35 cents at $50.25 U.S. a barrel
Gold prices regained four dollars at $1,255.20 U.S. an ounce.
