Baystreet.ca - Canada's main stock index was subdued on Monday as losses in utility companies' shares were countered by gains in the energy sector, while investors awaited domestic and U.S. economic data later in the week.
The TSX Composite Index nosed ahead 7.99 points to pause for lunch at 24,170.82
The Canadian dollar shed 0.13 cents to 73.50 cents U.S.
In corporate news, Chevron (NYSE:CVX) would sell its non-operated interest in the Athabasca Oil (TSX:ATH) Sands project and its operated interest in Duvernay shale to Canadian Natural Resources (TSX:CNQ) for $6.5 billion. Canadian Natural Resources stock leaped $1.89, or 3.9%, to $50.11.
Meanwhile, lower gold and copper prices weighed on heavyweights Agnico Eagle, down 96 cents to $106.01, Barrick Gold (NYSE:GOLD), slumping 18 cents to $27.09, Franco-Nevada (TSX:FNV), up 40 cents to $164.39, and Ivanhoe, slipping 85 cents, or 4.1%, to $19.67.
Additionally, e-commerce giant Shopify (TSX:SHOP) lost $1.65, or 1.5%, to $110.26.
In contrast, rising oil prices boosted energy producers Suncor (TSX:SU), up 89 cents, or 1.6%, to $55.12, Imperial Oil (TSX:IMO), ahead $2.40, or 2.3%, to $107.19, and Cenovus (TSX:CVE), up 38 cents, or 1.5%, to $25.18.
ON BAYSTREET
The TSX Venture Exchange gave back 1.88 points to 593.38
All but three of the 12 TSX subgroups lost ground at the open, gold scaling downward in price 1.1%, utilities, off 1%, and materials, slipping 0.9%.
The three gainers were energy, up 1.5%, consumer staples, inching up 0.2%, and industrials, breaking even by only 0.1%.
ON WALLSTREET
Stocks slipped on Monday as Wall Street struggled to keep the momentum from Friday’s rally amid headwinds from rising rates and higher oil prices.
The Dow Jones Industrials plunged 206.97 points to 42,145.78.
The S&P 500 index dipped 19.86 points to 5,731.21.
The NASDAQ Composite skidded 63.94 points to 18,073.91.
Earnings season heating up, with results from Delta Air Lines (NYSE:DAL) on Thursday, and JPMorgan Chase (NYSE:JPM) on Friday. Meanwhile, shares in Delta eked higher four cents to $49.31, while Morgan shares retreated 17 cents to $211.04.
On the economic front, key releases in the week ahead include the Federal Reserve meeting minutes on Wednesday and the consumer price index report on Thursday.
Prices for the 10-year Treasury dropped, making yields soar to 4.03% from Friday’s 3.97%. Treasury prices and yields move in opposite directions.
Oil prices improved $2.56 to $76.94 U.S. a barrel.
Gold prices reversed course and gained $1.50 to $2,609.30 U.S. an ounce