Canada's main stock index edged lower Monday morning dragged down by weakness tech stocks.
The S&P/TSX Composite Index shed 19.76 points Monday morning to 16,329.68.
The Canadian dollar lost 0.032 cents to 80.42 cents U.S.
In corporate news -- Canada’s Toronto-Dominion Bank (TD.TO) said on Monday it would take a hit of $400 million in the first quarter related to the remeasurement of certain net deferred tax assets as a result of U.S. President Donald Trump’s tax reforms.
Lululemon Athletica Inc. is raising its sales and earnings guidance for its fourth quarter. The retailer says it now expects net revenue will be in the range of $905 million to $915 million for the quarter based on a total comparable sales increase in the high single digits on a constant dollar basis.
CIBC has signed a deal to acquire Wellington Financial as part of its plan to grow its business in the fast-moving technology sector.
Financial terms of the deal were not immediately available. The specialty finance firm will become part of CIBC Innovation Banking, a new business for the big bank (CM.TO) focused on providing strategic advice and funding to technology sector clients.
Oil prices gained 0.3% to $61.63 a barrel, while gold slipped 0.1% to $1,320.50 an ounce.
ON BAYSTREET
The TSX Venture Exchange rose 16.71 points, or 1.87%, to 912.42.
Seven of the TSX subgroups were trading positive Monday morning -- with health-care issues up 3.02%, base metal stocks ahead by 0.66% and real estate issues up 0.19%.
On the downside -- tech stocks were off 0.21%, while consumer staples issues backtracked 0.15% and industrials shed 0.14%.
ON WALLSTREET
Stocks in the U.S were trading flat on Monday, as investors took a breather following a four-day rally that has taken Wall Street to repeated records.
The Dow Jones Industrial Average fell 11 points to 25,283. The S&P 500 index was off 1.5 point to 2,742. The Nasdaq Composite Index slipped 1 point to 7,135. All three moved less than 0.1%.
Nvidia Inc. NVDA, shares rose 2.6%. At a pre-CES news conference in Las Vegas on Sunday, the chip maker announced a partnership with Uber Inc. to provide the ride-hailing company with self-driving hardware.
Shares of Celgene Corp. CELG, rose 0.1% after the biotech group announced a deal to buy blood-disease biotechnology company Impact Biomedicines for as much as $7 billion.
