Stocks in Canada’s largest market stubbed their collective toes by midday Monday, as energy and health-care again exhibited weakness.
The S&P/TSX Composite Index swooned 122.95 points to greet noon at 14,672.18
The Canadian dollar dropped 0.03 cents to 74.73 U.S.
The largest percentage gainer on the TSX was cannabis producer Aphria Inc, which jumped 29 cents, or 4.2%, to $7.22, followed by Badger Daylighting, which brightened $1.80, or 5.7%, to $33.16.
Trican Well Service Ltd fell nine cents, or 6.9%, the most on the TSX, to $1.21.
The second-biggest decliner was Yamana Gold Inc, down a penny to $3.02
On the economic calendar, Canada Mortgage and Housing Corporation announced the trend in housing starts was 210,038 units in November, compared to 206,460 units in October.
Statistics Canada said Canadian municipalities issued $8.1 billion worth of building permits in October, edging down 0.2% from September, a downswing attributable to lower construction intentions for industrial and institutional buildings.
ON BAYSTREET
The TSX Venture Exchange subtracted 6.7 points, or 1.2%, to 565.68.
Eight of the 12 TSX subgroups remained negative, as energy lost 2.1%, while communications and health-care each slumped 1.7%
The four gainers were led by gold, shining brighter 2.4%, information technology, clicking 0.5%, and consumer staples, up 0.3%.
ON WALLSTREET
Stocks traded sharply lower on Monday in a volatile session as banks and Apple led the decline. Traders pointed to a number of reasons for the selling, including an adverse ruling in a Chinese court against Apple, a flattening yield curve and a delayed Brexit vote in the United Kingdom.
The Dow Jones Industrial Average slouched 418.58 points, or 1.7%, to 23,907.37, and entered into correction territory.
The S&P 500 faded 37.98 points, or 1.4%, to 2,595.10, as the financials sector pulled back 2.6%. The Dow and S&P 500 are now down more than 2.5% for the year.
The NASDAQ docked 55.24 points to 6,914.01,
Shares of J.P. Morgan Chase, Goldman Sachs, Citigroup and Morgan Stanley all fell at least 1.8%
Apple shares fell 2.2% after a Chinese court granted Qualcomm an injunction against the iPhone maker. It is unclear how the injunction will impact Apple's sales in China, however. Qualcomm says the order bans Apple iPhone imports and sales in China. Apple, meanwhile, says it only impacts sales of phones running an older operating system.
Stocks fell to their lows of the day after U.K. Prime Minister Theresa May announced the delay of a key Brexit vote in the country's parliament. Originally, it was scheduled to be held Tuesday.
On Sunday, China summoned the U.S. ambassador to Beijing to protest Huawei CFO Meng Wanzhou’s detention. Reuters reported, citing the state-run Xinhua News Agency, that Chinese Vice Foreign Minister Le Yucheng called Meng’s arrest “extremely egregious.”
The arrest is seen as a potential deterrent to the U.S. and China reaching a permanent deal on trade. Huawei is one of the largest tech companies in China and is seen as symbol of pride by the Chinese government. Meng is scheduled to appear at a bail hearing in Vancouver later on Monday.
Prices for the benchmark for the 10-year U.S. Treasury edged upward, lowering yields to 2.85% from Friday’s 2.86%. Treasury prices move in opposite directions.
Oil prices lost $1.06 to $51.55 U.S. a barrel.
Gold prices slid $1.70 to $1,250.90 U.S. an ounce.
