Stocks in Canada’s biggest market seesawed on Monday as lower oil prices weighed on the energy sector, offsetting gains for gold shares amid heightened demand for safe-haven assets like precious metals.
The S&P/TSX Composite Index regained 26.61 points to greet noon at 15,469.28
The Canadian dollar shed 0.12 cents at 74.79 cents U.S.
The financials group lost ground as Manulife Financial Corp dropped nearly 2% to $22.94, and Toronto-Dominion Bank declined 0.6% to $64.81.
The energy group fell as oil prices declined on uncertainty over whether an Organization of the Petroleum Exporting Countries-led production cut will be extended beyond June in an effort to counter a glut of crude.
Suncor Energy Inc fell 0.8% to $40.53.
In the health-care sector, Aphria Inc. took on 35 cents, or 5.7%, to $6.55, and Valeant Pharmaceuticals advanced 14 cents, or 1%, to $14.50.
The materials group, which includes precious and base metals miners and fertilizer companies, added strength, with Barrick Gold Corp climbing 1.4 percent to $26.07.
ON BAYSTREET
The TSX Venture Exchange added 1.41 points – off its highs of the morning -- to 805.01
All but three of the 12 TSX subgroups moved positive by noon, as gold soared 1.9%, health-care leaped 1.7%, and materials, up 0.8%
The three laggards were information technology, down 0.6%, energy, swooning 0.3%, and financials, trickling 0.1% lower.
ON WALLSTREET
U.S. stocks began the week on the wrong foot, trading lower on Monday as enthusiasm about President Donald Trump's agenda dwindled.
The Dow Jones Industrials came off their lows of the morning, but still registered 70.52 points below breakeven to reach noon Monday at 20,526.20, with Goldman Sachs contributing the most losses. The 30-stock index was also on track to post an eight-session losing streak.
The S&P 500 fell 6.84 points to 2,337.14, with financials falling 1.2% to lead decliners.
The NASDAQ Composite came to within 9.5 points of breakeven midday to 5,819.24
The Trump administration was dealt a body-blow Friday after a House bill aimed at replacing Obamacare was pulled from the floor. The GOP bill faced opposition not just from Democrats, but also from conservative and more moderate Republicans, and was not able to secure enough votes to pass.
The House vote was seen as crucial for the Trump agenda. Trump had said the repeal and replacement of Obamacare must happen before action can be taken on his other plans, including a major tax reduction. Stocks have rallied significantly since the U.S. election on hopes of lower taxes, deregulation and fiscal stimulus.
Trump said Friday the administration would move to try and slash taxes.
Prices for the benchmark 10-year Treasury note climbed, lowering yields to 2.38% from Friday’s 2.41%. Treasury prices and yields move in opposite directions.
Oil prices remained lower 28 cents to $47.69 U.S. a barrel
Gold prices jumped $6.30 at $1,254.80 U.S. an ounce.
