Canada’s main stock index fell in broad-based declines on Monday with materials leading the selloff, while investors awaited a raft of economic data and decisions from major central banks due later in the week.
The TSX Composite retreated 104.13 points first things Monday to 20,227.41.
The Canadian dollar eked up 0.09 cents at 73.59 cents U.S.
TD Securities downgraded Orla Mining to “hold” from “buy”. Orla shares started Monday down 17 cents, or 4.5%, to $3.65.
J.P.Morgan initiated coverage on Lithium Americas with a “neutral” rating. Lithium shares fell 71 cents, or 7.9%, to $8.32.
Manulife Financial said it has agreed to reinsure $13 billion of reserves, including $6 billion, or 14% of total long-term care reserves, to Global Atlantic and its partners. Manulife shares grew 33 cents, or 1.2%, to $27.41.
Elsewhere, BlackBerry was unchanged at $5.59, after the company shelved a plan to spin off its Internet of Things (IoT) business. The technology company also appointed the head of its cybersecurity unit, John Giamatteo, as chief executive officer.
Gildan Activewear slid $6.17, or 12.4%, to $43.44, after the company announced leadership changes.
ON BAYSTREET
The TSX Venture Exchange stumbled 6.50 points, or 1.2%, to 531.00.
All but one of the 12 subgroups were lower, as materials faded 1.7%, consumer discretionary stocks fell 1.5%, and gold dulled 1.4%.
Information technology proved the only losing group, off 0.1%.
ON WALLSTREET
The S&P 500 was little changed on Monday as investors awaited the final Federal Reserve meeting of 2023 for any signals on when central bankers will begin to cut interest rates.
The Dow Jones Industrials gained 54.71 points to 36,302.58.
The S&P 500 inched up 0.27 points to 4,604.64.
The NASDAQ fell 43.72 points to 14,360.25.
Macy’s shares rallied more than 16% on news the retailer has received a buyout offer for $5.8 billion. Tech stocks Apple and Nvidia pulled back 1.7% and 2.2%, putting pressure on the NASDAQ. Shares of Meta Platforms ticked down 3%.
Prices for the 10-year Treasury fell, raising yields to 4.29% from Friday’s 4.23%. Treasury prices and yields move in opposite directions.
Oil prices were down 12 cents to $71.11 U.S. a barrel.
Gold prices docked $12.90 to $2,001.60.