TORONTO: Canada’s main stock index slipped on Monday, with its heavyweight energy companies falling as US crude prices came off two-year highs, while ecommerce company Shopify Inc gained as the holiday shopping season kicked off.
At 10:19 a.m. ET (1519 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 24.33 points, or 0.15 percent, at 16,083.76. Seven of its 10 main sectors were in positive territory.
The energy group, which accounts for almost a fifth of the index’s weight, retreated 1.6 percent. Pipeline company Enbridge Inc was off 1.8 percent at C$46.53 and producer Canadian Natural Resources Ltd fell 2 percent to C$43.18.
US crude prices were down 1.7 percent at $57.98 a barrel, while Brent lost 0.7 percent to $63.43.
Shopify Inc was up 4.6 percent at C$148.78, after saying that it processed more than $1 million in sales a minute for its merchants at the peak of Black Friday shopping activity.
The financials group gained 0.3 percent while industrials fell 0.2 percent and the materials group, which includes precious and base metals miners and fertilizer companies, lost 0.2 percent.
Kirkland Lake Gold Ltd rose 4.4 percent to C$18.44 after Desjardins raised the stock to a “buy” recommendation and increased its price target for the stock to C$24.
Hudson’s Bay Co was down 1 percent at C$11.20 after the retailer said almost two-thirds of its shareholders support Rhone Capital’s $500 million investment, which is opposed by activist fund Land and Buildings LLC.
Source: Brecorder.com
