Canadian stocks joined a selloff in global equities, as persistent concerns about global economic growth prompted declines in shares with some of the highest valuations.
The S&P/TSX composite index tumbled 228.57 points, or 1.8%, to close Monday at 12,535.40.
The Canadian dollar deducted 0.07 cents to 71.79 cents U.S.
A rout in technology stocks deepened Monday as Canadian companies in the industry fell almost 3% to the lowest since August. Sierra Wireless Inc. swooned 94 cents, or 6.2%, to $14.28, and BlackBerry Ltd. fell 40 cents, or 4.1% to $9.47, to pace losses.
Among gold producers, Yamana Gold Inc. rose 35 cents, or 11%, the largest gain since December. OceanaGold Corp. also advanced 11%, or 37 cents, to $3.72, a level last seen in December 2014.
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 squirted ahead 0.1 points to 508.25
All but two of the 13 TSX subgroups lost ground on the day, as health-care tumbled 5.3%, metals and mining weakened 3.1%, and real-estate lost 2.8%.
The two gaining groups were gold, up 4.4%, and materials, up 0.9%.
ON WALLSTREET
U.S. stocks closed off their session lows on Monday amid a late rally in the energy sector.
The Dow Jones industrial average faltered 177.92 points, or 1.1%, to close the session at 16,027.05, with Goldman Sachs and Home Depot hurting the most on the index. Chevron closed the session as the biggest advancer in the Dow.
The S&P 500 dropped 26.21 points, or 1.4%, to 1,853.84, with financials and materials lagging
The NASDAQ index faded 79.39 points, or 1.8%, to 4,283.75, as Apple gained 1%.
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 U.S. Bureau of Labor Statistics said the U.S. economy added 151,000 jobs in January — below expectations — but wages rose 0.5%.
With no major economic data due Monday, investors looked ahead to Fed Chair Janet Yellen's testimony in Congress on Wednesday and Thursday.
Prices for the 10-year Treasury gained sharply, lowering yields to 1.76% from Friday’s 1.84%. Treasury prices and yields move in opposite directions.
Oil prices shed 82 cents a barrel to $30.07 U.S.
Gold prices jumped $17.55 to $1,190.95 U.S. an ounce.
