Markets in Canada’s largest centre fell on Monday as a decline in U.S. crude oil prices following the impact of Tropical Storm Harvey weighed on shares of companies in the energy sector.
The S&P/TSX Composite Index recovered from mid-morning lows, to climb to within 10.23 points, and approach noon at 15,045.76
The Canadian dollar settled 0.16 cents to 80.03 cents U.S.
In the heavily-weighted energy sector, Canadian Natural Resources fell 0.7% to $38.36, and Suncor Energy slipped 0.3% to $39.08.
The financial services sector lost ground, as Royal Bank of Canada was down 0.5% to $92.79, and Toronto Dominion Bank retreated 0.5% to $64.52.
Shares of Toromont Industries jumped 12.4% to $50.47 after the company said it would buy privately held Hewitt Group for about $1.02 billion in cash and shares to expand its network of heavy equipment dealers in eastern Canada.
ON BAYSTREET
The TSX Venture Exchange moved higher 4.19 points to 773.66.
Seven of the 12 TSX subgroups were down, weighed most by energy, sliding 1.1%, to consumer discretionary, down 0.6%, and financials, off 0.4%.
The five gainers were led by gold, up 3%, materials, ahead 1.9%, and industrials, eking up 0.2%.
ON WALLSTREET
Shares of oil refinery companies rose on Monday after Harvey, a Category 4 hurricane, forced refiners in Houston to shut down.
The Dow Jones Industrials remained negative 5.83 points to 21,807.84, off its lows of the morning, with Travelers contributing the most to the losses. The 30-stock index traded higher earlier in the session.
The S&P 500 eked up 0.32 points to 2,443.37, with health-care leading six sectors higher.
The NASDAQ gained 21.17 points to 6,286.81
Harvey, a hurricane that was later downgraded to a tropical storm, ravaged Houston and other parts of Texas over the weekend, with more than 30 inches of rain falling in some parts in just 48 hours. Houston is home to several of the major U.S. refineries.
Shares of Valero Energy, Phillips 66 and Marathon Petroleum all rose at least 0.6% in mid-morning trade.
Entering Monday's session, the Dow, S&P and NASDAQ were all down for the month as investors grapple with lingering worries about the Trump administration's ability to move forward with tax reform.
Prices for the benchmark 10-year Treasury note were unchanged, keeping yields at Friday’s 2.17%.
Oil prices slumped $1.54 to $46.33 U.S. a barrel
Gold prices gained $14.30 to $1,312.30 U.S. an ounce.
