Equities in Canada’s largest centre fell at the open on Monday, with energy stocks leading losses, as investors dumped riskier assets fearing a global economic slowdown.
The S&P/TSX Composite Index fell 39.89 points to begin the week at 16,049.44
The Canadian dollar slipped 0.03 cents at 74.45 cents U.S.
British Columbia Investment Management Corp and Van Eck International Investors on Friday joined a growing chorus of shareholders expressing concerns about elements of Newmont Mining's $10-billion takeover of Goldcorp, whose stock climbed 37 cents, or 2.6%, to $14.88.
SNC Lavalin Group's chief executive said on Friday the company is looking at ways to protect its business in the event it loses a corruption trial that has created a political crisis for Canadian Prime Minister Justin Trudeau.
SNC shares faded 46 cents, or 1.3%, to $34.10.
Canaccord Genuity cut the target price on Dollarama to $45.00 from $50.00. Dollarama shares dipped 16 cents to $34.75.
CIBC raised the target price on Fiera Capital to $14.50 from $14. Fiera gained four cents to $12.17.
RBC raised the target price on Onex Corp. to $98.00 from $97.00. Onex shares acquired 57 cents to $75.49.
ON BAYSTREET
The TSX Venture Exchange slumbered 6.69 points to 631.13
Eight of the 12 Toronto subgroups began the day negative, as energy hesitated 1%, health-care, off 0.8%, and financials were off 0.5%.
The four gainers were led by gold, up 1.2%, materials, up 0.6%, and utilities struggled up 0.2%.
ON WALLSTREET
Stocks fell on Monday as concerns over the outlook for the global economy continued to weigh on investor sentiment even after the special counsel found no collusion with Russia on the part of President Donald Trump.
The Dow Jones Industrial Average slumped 98.67 points to begin Monday at 25,403.65, as UnitedHealth Group and Apple lagged.
The S&P 500 dumped 13.9 points to 2,786.81, led by declines in the energy and tech sectors.
The NASDAQ Composite dropped 57.13 points to 7,585.53
Wall Street also watched shares of Apple as the tech giant is expected to unveil a new streaming service at an event later in the day. In the pre-market, Apple traded 0.8% lower.
U.S. stock futures initially pointed to solid gains Sunday after Attorney General William Barr said special counsel Robert Mueller's long-awaited investigation did not find enough evidence that Trump's 2016 campaign colluded with Russia.
Investors across the world worried the probe could also bring down Trump himself by potentially leading to his impeachment. Now, Wall Street can remove one block from the proverbial wall of worry and eye the ongoing U.S.-China trade talks.
China and the U.S. are expected to strike a deal sometime in April. Sentiment around the negotiations improved this year to help lift stocks to within striking distance of their record highs set last year.
Prices for the benchmark 10-year U.S. Treasury were up slightly, lowering yields to 2.43% from Friday’s 2.44%. Treasury prices and yields move in opposite directions.
Oil prices fell back 81 cents to $58.23 U.S. a barrel.
Gold prices gained $8.50 to $1,320.80 U.S. an ounce.
