Equities in Toronto fought hard to achieve just the breakeven point by the end of Monday’s session, as weakness in health-care stocks overrode strength in financials.
The TSX Composite was in the minus category 13.18 points to wind up Monday to 20,318.36.
The Canadian dollar eked up 0.04 cents at 73.67 cents U.S.
Among consumer stocks, Gildan Activewear sagged $5.46, or 11%, to $44.15, after the company announced leadership changes, while Aritzia faded $1.11, or 4.5%, to $23.45.
In health-care, Bausch Health Companies dipped 23 cents, or 2.3%, to $9.70, while Tilray slid 11 cents, or 4.2%, to $2.49.
In energy issues, Birchcliff Energy fell 30 cents, or 4.7%, to $6.09, while Tamarack Valley Energy lost 15 cents, or 4.9%, to $2.90.
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 88 cents, or 3.2%, to $27.96. Also in financials, Fairfax Financial Holdings climbed $18.59, or 1.5%, to $1,255.85.
Industrials more than broke even, with ATS Corporation better by $1.58, or 3%, to $54.23, while Waste Connections hiked $3.91, or 2.1%, to $191.86.
Techs also performed well, with Converge Technology Solutions ahead 16 cents, or 3.8%, to $4.36, while Celestica grabbed 67 cents, or 1.8%, to $37.63.
ON BAYSTREET
The TSX Venture Exchange retreated 7.27 points, or 1.4%, to 530.23.
Eight of the 12 subgroups were lower, as consumer discretionary and health-care issues each lost 1.5%, while energy was 1.3% less energetic.
Financials led the four gainers, up 0.5%, while industrials advanced 0.3%, and information technology poked up 0.2%.
ON WALLSTREET
The S&P 500 climbed on Monday as investors tried to continue Wall Street’s year-end momentum.
The Dow Jones Industrials gained 157.06 points to 36,404.93.
The S&P 500 gained 18.07 points to 4,622.44.
The NASDAQ rallied 28.51 points to 14,432.49.
The S&P 500 and NASDAQ are coming off their sixth straight weekly gain. This week, investors are looking ahead to key inflation data, which could affect market movements and rate policy from the Federal Reserve. The central bank begins its two-day meeting Tuesday.
Macy’s shares rallied more than 19% on news the retailer received a buyout offer for $5.8 billion. Tech stocks Apple stepped back 1.7% and Nvidia slid 2%, putting pressure on the NASDAQ. Shares of Meta Platforms ticked down 2.1%.
The Fed is expected to maintain the fed funds rate steady in the 5.25%-5.5% range. Chair Jerome Powell is also expected to reiterate his commitment to lowering inflation in his press conference on Wednesday. Already, indicators are that markets are pricing in a 45% likelihood in March that the Fed will lower rates by 0.25 percentage points.
Prices for the 10-year Treasury fell slightly, raising yields to 4.24% from Friday’s 4.23%. Treasury prices and yields move in opposite directions.
Oil prices gained 25 cents to $71.48 U.S. a barrel.
Gold prices docked $17.80 to $1,996.70.