Canada's main stock index edged lower Monday afternoon as weakness in gold producers was offset by gains in marijuana stocks with shares of Canopy Growth Corporation surging to a 52 week high.
The S&P/TSX Composite Index shed 37.10 points Monday afternoon to 16,312.34.
The Canadian dollar lost 0.017 cents to 80.51 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 15.05 points, or 1.68%, to 910.76.
Four of the TSX subgroups were trading positive Monday afternoon -- with health-care issues up 4.29%, base metal stocks ahead by 0.97% and real estate issues up 0.23%.
On the downside -- gold stocks were off 0.81%, while material issues backtracked 0.62% and financials shed 0.27%.
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 37 points, or 0.2%, at 25,256. The S&P 500 index retreated about 1 point, or less than 0.1%, to 2,742.
The Nasdaq Composite Index rose 11 points to 7,148, a gain of 0.2%. The index hit an intraday record in early trading, and was poised for its fifth straight record close.
GoPro Inc. said it expects fourth-quarter revenue of $340 million, way below analysts' estimates of $472 million, and said it would slash its workforce by 20% to cut costs and exit the drone market. The stock fell 14% on Monday after falling more than 20% earlier in the session.
Nvidia Inc. NVDA, shares rose 3.9%. 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.
