Stocks in Toronto fell for the first time in seven sessions on Monday, as oil prices dipped after U.S. President Donald Trump played down reports of an imminent lifting of tariffs on Chinese goods.
The TSX Composite Index dropped 40.47 points from Friday’s dizzy heights top begin the week at 16,836.95
The Canadian dollar inched up 0.01 cents to 75.61 cents U.S.
TC Energy’s Keystone oil pipeline has returned to service following the approval of their repair and restart plan by the U.S. Pipeline and Hazardous Materials Safety Administration on Sunday.
TC shares gained 12 cents to $66.61.
CIBC raised the target price on Autocanada to $12.00 from $11.00. Autocanada gained 15 cents, to 1.5%, to $10.20.
Scotiabank cut the rating on Enerflex Ltd. to sector perform from outperform. Enerflex fell 41 cents, or 3.4%, to $11.50.
ON BAYSTREET
The TSX Venture Exchange nicked up 0.10 points at 537.07
Eight of the 12 Toronto subgroups were negative in the first hour, as energy dropped 1.2%, health-care, down 0.8%, and consumer staples, off 0.3%
The four gainers were headed by gold, up 0.3%, while real-estate and utilities picked up 0.2% each.
ON WALLSTREET
Stocks fell on Monday amid lingering U.S.-China trade worries while protests in Hong Kong escalate as investors took a breather from a record-setting rally.
The Dow Jones Industrials sank 92.5 to 27,588.74
The S&P 500 dipped 10.85 points to 3,082.34
The NASDAQ hesitated 33.1 points, to 8,442.22
The Dow notched its eighth record close of the year on Friday while the S&P 500 closed at an all-time high for the 19th time. The NASDAQ, meanwhile, posted a record close for the 14th time in 2019.
Cisco Systems was the biggest decliner in the Dow, sliding 2.1%. Exxon Mobil, 3M and Goldman Sachs dipped around 1% each. Those losses were slightly offset by a 5.8% jump in Walgreens Boots Alliance.
In corporate news, Bloomberg News reported private equity company KKR formally approached Walgreens about a potential leveraged buyout. The report comes after sources told the media the drug store chain was thinking about going private.
The major indexes had been on a tear recently that led them to all-time highs. Over the past month, the Dow is up around 3%. The S&P 500 has taken on 4%, and the NASDAQ has risen about 5%.
President Donald Trump said Friday he had not agreed to roll back tariffs on China. Those comments came after the Chinese commerce ministry said that both sides had agreed to cancel existing tariffs in phases. A U.S. official also reportedly said both sides agreed to roll back the tariffs in tranches.
The stock market’s recent move to record highs comes in part because of improving sentiment around U.S.-China trade talks. With his comments on Friday, Trump dampened trade expectations in the market.
Bond markets in the U.S. were closed for Veterans Day
Oil prices stumbled 27 cents to $56.97 U.S. a barrel.
Gold prices fell $1.50 to $1,461.40 U.S. an ounce.
