Housing Starts in Focus
largest centre fell on Monday as weaker crude oil prices and a broader selloff in risky assets weighed on energy and financial stocks, overshadowing gains for gold stocks.
The S&P/TSX composite index tumbled 152.87 points, or 1.2%, to open the day and week at 12,611.12.
The Canadian dollar slipped 0.18 cents to 71.68 cents
TD Securities raises the target price on Lake Shore Gold to $2.00 from $1.85, with a buy rating.
Lake Shore shares gained 13 cents, or 8.7%, to $1.62.
Desjardins raises the rating on Stella-Jones to buy, price target to $51.00 from $48.00.
Stella-Jones shares faded 59 cents, or 1.3%, to $43.61.
RBC cut the target price on Suncor Energy to $39.00 from $40.00 with an outperform rating.
Suncor shares dipped 58 cents, or 1.8%, to $31.30.
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
explained the advance.
The TSX Venture Exchange gained 1.58 points to 509.73
All but two of the 13 TSX subgroups were negative to start out, as health-care waned 2.5%, energy subsided 2%, and consumer discretionaries fell 1.7%.
The two lone gainers were gold, surging 6.1%, and materials, ahead 3.1%.
American stocks fell sharply on Monday as falling oil prices,
rate increase worries and a weak overseas backdrop weighed on investors.
The Dow Jones industrial average fell without a parachute, tumbling 262.81 points, or 1.6%, to open Monday at 15,942.16, with Goldman Sachs and Home Depot weighing the most on the index.
The S&P 500 dropped 29.17 points, or 1.6%, to 1,850.88, as energy and financials led all sectors lower.
The NASDAQ index hesitated 85.4 points, or 2%, to 4,277.75, while Facebook and Amazon tumbled more than 4%.
With no major economic data due Monday, investors were looking ahead to Federal Reserve Chair Janet Yellen's testimony in Congress on Wednesday and Thursday.
Concerns of a Fed rate hike took centre stage Friday after the U.S. Bureau of Labor Statistics said the stateside economy added 151,000 jobs in January — below expectations — but wages rose 0.5%.
Prices for the 10-year Treasury gained sharply, lowering yields to 1.77% from Friday's 1.84%. Treasury prices and yields move in opposite directions.
Oil prices shed 52 cents a barrel to $30.37
Gold prices jumped $15.20 to $1,188.60
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