Canada's main stock index opened lower on Monday, as shares of precious metal miners were pressured by a fall in gold prices on the back of a rise in the U.S. dollar.
The S&P/TSX Composite Index retreated 34.42 to begin the day and the week at 15,240.02
The Canadian dollar eased back 0.04 cents to 75.75 cents U.S.
A judge in Montana has blocked construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing praise on Friday from environmental groups and a rebuke from President Donald Trump.
Keystone was the flagship project of Kinder Morgan Ltd., whose shares lost a penny to $15.85.
Canaccord Genuity raised the rating on Autocanada to buy from hold. Autocanada stock exploded 95 cents, or 8.5%, to reach 12.08.
Barclays raised the rating on Imperial Oil to overweight from equal weight. Imperial shares gathered 58 cents, or 1.4%, to $41.46.
National Bank of Canada raised the rating on IPL Plastics to outperform from sector perform. IPL shares faded 27 cents, or 2.8%, to $9.52.
Canaccord Genuity cut the rating Recipe Unlimited to hold from buy. Recipe shares lost 48 cents, or 1.8%, to $26.37.
ON BAYSTREET
The TSX Venture Exchange dipped 0.81 points to 650.61
Eight of the 12 subgroups were lower, as information technology dipped 1.1%, while consumer discretionary and materials issues each slumped 0.8%,
The four gainers were led by real-estate and communications, each traveling 0.4%, and energy, better by 0.3%.
ON WALLSTREET
U.S. stocks fell on Monday as a decline in Apple shares, a strong dollar and lingering worries about global trade offset positive news on the dealmaking front.
The Dow Jones Industrials plummeted 223.73 points to begin Monday at 25,765.57
The S&P 500 dropped 23.63 points to 2,757.38
The NASDAQ dumped 123.52 points, or 1.7%, to 7,283.38
Apple shares dropped more than 3% after Lumentum Holdings, which makes technology for the iPhone's face-recognition function, cut its outlook for fiscal second quarter 2019. Shares of Lumentum plunged more than 22%.
Alphabet shares fell 0.6%, and Amazon shares lost 0.3%.
Media reports say U.S. President Donald Trump thinks threatening more tariffs on overseas-made cars is his best negotiating tactic on trade.
The reports said Trump has told aides he was able to get a better trade deal with Canada because he threatened Canadian Prime Minister Justin Trudeau with levies on cars made in Canada.
Trump has been considering slapping a 25% charge on cars made outside the U.S. since earlier in the year. Automakers and foreign governments have criticized Trump for this, noting such a levee would boost car costs and hurt sales and jobs.
The report comes as Trump and Chinese President Xi Jinping get set to meet at the G-20 summit later this month
SAP agreed to buy Qualtrics, a privately held company that competes with SurveyMonkey, for $8 billion U.S. Meanwhile, Veritas Capital and Elliott Management agreed to buy Athenahealth for more than $5 billion.
Elsewhere, tobacco stocks fell broadly after the Wall Street Journal reported the Food and Drug Administration plans to pursue a ban on menthol cigarettes in the U.S. Shares of British American Tobacco dropped nearly 7% while Philip Morris retreated 1.3%, and Altria Group pulled back 2.5%.
General Electric shares fell 7.3% to trade below $8 after CEO Larry Culp told the media that he feels the "urgency" to reduce some of the company's leverage, adding they will do this by selling assets.
Bond markets in the U.S. are closed in observance of Veterans Day
Oil prices restored 59 cents to $60.78 U.S. a barrel.
Gold prices subtracted $4.30 an ounce to $1,204.30 U.S.
