Equities in Canada’s largest market fell on Monday, weighed by financial and energy companies, while investors picked out some stocks exposed to the turmoil unleashed by Britain's vote to leave the European Union last week.
The S&P/TSX Composite jettisoned 215.45 points, or 1.6%, to greet noon Monday at 13,676.43
The Canadian dollar fell 0.46 cents to 76.45 cents U.S.
The five most influential falls on the index were financial stocks, with Royal Bank of Canada down 3% to $74.87, and Toronto-Dominion Bank off 1.7% to $54.33. Insurer Manulife Financial declined 3.6% to $16.72 and the overall financials group lost ground.
Car parts manufacturers Magna International Inc shed 5% to $44.67. Magna has nine manufacturing facilities in England and plans for another.
Offsetting the declines was a string of gold miners, as bullion maintained a two-year high hit on Friday, as well as Fairfax Financial Holdings Ltd, expected to perform well in an economic downturn given its bets on low growth and low rates. It advanced 2.1% to $679.055, after jumping on Friday when most of its financial services peers fell.
ON BAYSTREET
The TSX Venture Exchange reversed 10.86 points, or 1.5%, to 699.93
All but two of the 13 subgroups went south by midday, as metals and mining moved 3.4%, while health-care lost 3.2%, and information technology dipped 2.6%.
The two gainers were gold, eking up 0.4%, and telecoms, up 0.3%.
ON WALLSTREET
U.S. stocks traded lower Monday, with the Dow and S&P breaking below key technical levels as the post-Brexit selloff continued. Britain voted to leave the European Union late last week, surprising markets the world over.
The Dow Jones Industrials collapsed 256.43 points, or 1.5%, to 17,144.32. Boeing and IBM had the greatest negative impact on the Dow as nearly all member stocks declined. 3M and McDonald's were also among the greatest contributors to declines. Telecom company Verizon and Johnson & Johnson were the only positive Dow components.
The S&P 500 regressed 36.12 points, or 1.8%, at 2,001.29, with materials leading eight sectors lower and telecoms and utilities the only advancers.
Both the Dow and S&P plumbed levels not seen since mid-March.
The NASDAQ Composite Index stumbled 104.34 points, or 2.2%, to 4,603.63
Boeing and IBM had the greatest negative impact on the Dow as nearly all constituents declined. 3M and McDonald's were also among the greatest contributors to declines. Telecom company Verizon and Johnson & Johnson were the only positive Dow components.
In economic news Monday, the Markit flash services Purchasing Managers Index for June came in unchanged from the prior month at 51.3.
Prices for the 10-year Treasury soared, pressing down yields to 1.46% from Friday’s 1.57%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.33 a barrel to $46.31 U.S.
Gold prices added 80 cents to $1,323.20 U.S. an ounce.
