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TSX Finishes Flat Monday
Equities in Toronto gave up moderate gains by the closing bell, as weakness in energy stocks overwhelmed gains in the health-care and consumer staples fields.
The S&P/TSX Composite Index moved negative 1.46 points to conclude Monday at 15,855.76
The Canadian dollar hurtled lower 1.03 cents to 79.08 cents U.S.
Health-care stocks co-led the parade among gainers, as Canopy Growth improved in price 10 cents to $12.86, while Aphria Inc. eked up four cents to $6.98.
In consumer staples, Loblaw Companies edged up 44 cents to $68.64, while Metro was better by 15 cents to $40.85.
In the tech field, Constellation Software gained nine cents to $752.76
Energy stocks were the worst off of those in negative territory, as Cenovus Energy peeled off 24 cents, or 1.9%, to $12.25, while Encana Corporation tumbled 24 cents, or 1.7%, to $14.10.
Among consumer discretionary stocks, Hudson’s Bay Co shares dropped 16 cents, or 1.3% to $11.80 after the company said late on Friday that Chief Executive Gerald Storch would leave the company. Activist investor Jonathan Litt said on Monday he is considering seeking the removal of several directors at a special shareholder meeting.
Magna International shares ducked back 40 cents to $69.47.
Weakness in bullion prices weighed on the gold-mining sector. Goldcorp Inc gave back six cents to $16.49. Yamana Gold Inc slipped seven cents, or 2.1% to $3.34.
Eldorado Gold fell 75 cents, or 27.5%, to $1.98 after lowering production guidance for a gold mine in Turkey.
Hudson’s Bay Co shares dropped 3.4% to $11.55 after the company said late on Friday that Chief Executive Gerald Storch would leave the company. Activist investor Jonathan Litt said on Monday he is considering seeking the removal of several directors at a special shareholder meeting.
On the economic beat, Statistics Canada reported that wholesale trade rose 0.5% to $62.8 billion in August, led by the personal and household goods and motor vehicle and parts sub-sectors.
ON BAYSTREET
The TSX Venture Exchange fell backward 4.32 points to 785.19
Eight of the 12 TSX subgroups gained ground Monday, with health-care and consumer staples each up 0.6%, and information technology concerns ahead 0.5%.
The four laggards were weighed most by energy, down 0.6%, while consumer discretionary and gold stocks each sliding 0.2%.
ON WALLSTREET
U.S. stocks fell from record levels on Monday as a decline in General Electric shares weighed on investor sentiment. Wall Street was also gearing up for the busiest week of the earnings season.
The Dow Jones Industrials ended its six-session win streak by losing 54.67 points from Friday’s all-time record to 23,273.96. GE shares fell 6.3% marking their biggest one-day decline since August 2011.
The company reported earnings which fell short of analysts' expectations as profits were undermined by restructuring and weak performance at its oil and gas businesses. Analysts also panicked on Monday over the possibility GE may have to cut its dividend.
One Morgan Stanley analyst lowered his rating on GE to underweight from equal weight and cut his price target to $22 from $25.
The S&P 500 dipped 10.23 points from Friday’s record close to 2,564.98, with industrials and telecommunications lagging. Hasbro was the second-worst-performing stock in the S&P 500, falling 8.6% after the company warned of weaker holiday-season sales due to the bankruptcy of its largest customers, Toys 'R' Us.
The NASDAQ tumbled 42.23 points from Friday’s record high to 6,586.23, as shares of Amazon, Facebook, and Alphabet all fell. The tech-heavy index, along with the Dow and S&P 500, hit intraday records earlier in the session.
About a third of the S&P 500 will have reported when the week is over. Companies reporting this week include Dow components 3M, Caterpillar and Boeing. Also reporting this week are Amazon, Alphabet, Comcast and Twitter.
Earnings season has gotten off to a good start. With 17% of the S&P 500 having reported as of Friday, 73% of companies have beaten on both the top and bottom lines
The move to new highs coincides with the strong earnings reports and increased possibilities of tax reform moving forward in the U.S.
The Senate approved a $4-trillion budget measure last week, which enables the Republican-led chamber to pass a tax bill with a simple 51-vote majority in the Senate.
Prices for the benchmark 10-year Treasury note gained slightly, lowering yields to 2.37% from Friday’s 2.38%. Treasury prices and yields move in opposite directions.
Oil prices moved ahead six cents a barrel to $51.90 U.S.
Gold prices gained three dollars an ounce to $1,283.50 U.S.
