Equities in Toronto slipped at Monday’s open as oil prices, weakened by concerns of a diplomatic rift in the Middle East, hurt energy stocks, while financial stocks dipped amid signs of cooling in Toronto's overheated housing market.
The S&P/TSX Composite Index ditched 89.64 points to begin the day and the week at 15,353.11
The Canadian dollar was unchanged at 74.1 cents U.S.
Osisko Gold Royalties said it had agreed to buy a precious metals portfolio from U.S. private equity firm Orion Mine Finance Group for $1.13 billion to expand its diamond, gold and silver asset base.
Osisko shares gained seven cents, or 1.5%, to $4.90.
CIBC cut the rating on Canfor Pulp Products to neutral from outperform. Canfor dipped in price 22 cents to $12.36.
Barclays raised the price target on Canada Goose Holdings to $30.00 from $25.00. Goose shares retreated 36 cents, or 1.2%, to $28.81.
Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed their ties with Qatar, accusing the country of supporting terrorism and opening up the worst rift in years among some of the most powerful states in the Arab world.
ON BAYSTREET
The TSX Venture Exchange gained 1.48 points to 802.46
All but one of the 12 TSX subgroups were negative, as health-care swooned 1.5%, while consumer staples dipped 0.9%, and financials fell 0.8%.
Gold stocks nosed ahead 0.1%, the lone gainer.
ON WALLSTREET
U.S. equities kicked off Monday trading slightly lower, slipping from records reached last week, while shares of Apple declined on a rare downgrade.
The Dow Jones Industrials eked up 2.48 points to 21,208.77, with Apple contributing the most losses.
The S&P 500 fell 0.96 points to 2,438.11
The NASDAQ docked 0.24 points to 6,305.56
Microsoft, Apple, Amazon, Facebook and Alphabet Class have accounted for about a third of the gains in the S&P this year, leading the tech sector to a sharp 21.6% year-to-date gain.
Apple's stock fell 0.8% after Pacific Crest analyst Andy Hargreaves downgraded the stock to sector weight from overweight. In a Sunday note, Hargreaves said the stock is not pricing in potential risks, like supply issues with the new iPhone 8.
In economic news, the IHS Markit U.S. services Purchasing Managers Index for May and the May Institute for Supply Management's non-manufacturing index were slated for release.
Overseas, European stocks traded lower as investors digested a terrorist attack in London that killed at least seven people on Saturday night.
Prices for the benchmark 10-year Treasury note fell, raising yields to 2.18% from Friday’s 2.15%. Treasury prices and yields move in opposite directions.
Oil prices slid 63 cents to $47.03 U.S. a barrel
Gold prices gained $2.50 at $1,282.70 U.S. an ounce.
