Equities in Toronto declined yet again on Monday as heavyweight banking and energy stocks lost ground, offsetting gains among gold miners.
The S&P/TSX composite index tumbled 182.65 points, or 1.4%, to move into noon hour at 12,581.34.
The Canadian dollar deducted 0.07 cents to 71.79 cents U.S.
Oil prices fell as a meeting of producing countries Saudi Arabia and Venezuela showed few signs that steps would be taken to deal with a supply overhang.
Canadian banks followed their European counterparts lower as worries over global growth triggered stress in the financial sector.
Gold stocks proved strong, as Goldcorp advanced 8.5% to $20.75, Barrick Gold rose 4.3% to $16.89, and Yamana Gold gained 14.1% to $3.64.
On the economic front, Statistics Canada reported this morning that the total value of building permits issued by Canadian municipalities rose 11.3% to $6.9 billion in December; this, after a 19.9% decline the previous month.
Higher construction intentions for multi-family dwellings in Quebec, Ontario, British Columbia and Alberta explained the advance.
ON BAYSTREET
The TSX Venture Exchange gained 1.57 points to 509.72
All but three of the 13 TSX subgroups lost ground by noon, as health-care tumbled 4.3%, information technology gave back 3.3%, and real-estate lost 2.6%
The three gainers proved to be gold, shining 6.2%, materials, up 2.7%, and metals and mining stocks, up 0.4%.
ON WALLSTREET
U.S. stocks fell sharply on Monday as global growth concerns weighed on investors.
The Dow Jones industrial average faded 365.57 points, or 2.3%, to pause for lunch at 15,839.40, with Goldman Sachs and Home Depot weighing the most on the index.
The S&P 500 dropped 42.69 points, or 2.3%, to 1,837.36, as consumer discretionary and financials led all sectors lower.
The NASDAQ index stumbled 120.46 points, or 2.8%, to 4,242.69, while Facebook and Amazon tumbled more than 4%.
In corporate U.S. news, Hasbro and Diamond Offshore, among others, reported quarterly results.
Concerns of a Federal Reserve rate hike took centre stage Friday after the Bureau of Labor Statistics said the U.S. economy added 151,000 jobs in January — below expectations — but wages rose 0.5%.
Prices for the 10-year Treasury gained sharply, lowering yields to 1.75% from Friday’s 1.84%. Treasury prices and yields move in opposite directions.
Oil prices shed 35 cents a barrel to $30.54 U.S.
Gold prices jumped $21.74 to $1,195.14 U.S. an ounce.
