Canada’s main stock index inched lower on Monday as mining shares fell, offsetting gains in energy shares amid lingering concerns about the U.S.-Iran ceasefire.
The TSX Composite Index skidded 91.63 points to reached noon EDT at 34,254.66.
The Canadian dollar gained 0.25 cents at 73.21 cents U.S.
The energy subindex rose, tracking oil prices following the news; Parex Resources jumped $1.38, or 5.6%, to $26.04, Vermilion Energy gained 45 cents, or 2.9%, and Baytex Energy rose 17 cents, or 3%, to $5.75.
Agnico Eagle ?Mines fell $8.47, or 2.8%, to $292.84, after the miner ?said it will acquire Rupert Resources and Aurion Resources, and buy a majority stake in a joint venture from B2Gold, as it moves to consolidate a key gold district in northern Finland.
Canada's close ties ?to the U.S. were once a strength but have become a weakness, Prime Minister Mark ?Carney said on Sunday, in a video message.
Carney said Canada can't control the disruption coming from its U.S. neighbor, and can't ?bet its future on the ?hope that it will suddenly stop.
Meantime, the U.S. has maintained a blockade of Iranian ports, while Iran has lifted and then reimposed its own blockade on marine traffic passing through the Strait of Hormuz.
Iran also said it would not participate in a second round of negotiations that the U.S. had hoped to kick off before the ceasefire expires on April 21.
On the economic beat, Statistics Canada reported the consumer price index increased 2.4% year over year in March, up from an increase of 1.8% in February. On a seasonally adjusted monthly basis, the CPI rose 0.5% in March.
ON BAYSTREET
The TSX Venture Exchange eked down 3.6 points to break for lunch Monday at 1,051.31.
Seven of the 12 TSX subgroups were higher midday, with energy moving ahead 1%, while utilities strengthened 0.6%, and health-care gained 0.5%.
The five laggards were weighed most by gold, dulling 2.2%, materials, weaker 2%, and real-estate, off 1%.
ON WALLSTREET
The Dow Jones Industrial Average was little changed Monday even after tensions between the U.S. and Iran escalated over the weekend, with traders betting the two countries will eventually reach a compromise.
The 30-stock index waned 72.26 points to 49,375.17.
The S&P 500 dropped 26.46 points to 7,099.60.
The NASDAQ slumped 144.83 points to 24,323.65.
Traders remain hard-pressed to fully price in a worst-case scenario on the war given stocks’ recovery from near correction territory to all-time highs.
President Donald Trump on Sunday said the U.S. had fired on and seized an Iranian-flagged cargo ship in the Gulf of Oman. This comes after Iran declined to join another round of peace talks in Pakistan planned by the U.S.
The Iranian ship “is under U.S. Treasury Sanctions because of their prior history of illegal activity. We have full custody of the ship, and are seeing what’s on board,” Trump said in Truth Social post.
Trump also threatened to blow up all power plants and bridges in Iran if the country didn’t agree to a deal with the U.S. A ceasefire between the two countries will expire this week.
Shares in TopBuild, the installer and distributor of insulation materials, jumped $66.97, or 16.3%, to $477.07, after QXO announced it would acquire the company for $17 billion.
Prices for the 10-year Treasury recovered, raising yields to 4.26% from Friday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices took on $4.55 to $88.40 U.S. a barrel.
Gold prices slumbered $54.90 to $4,824.70 U.S. an ounce.
