Losing Streak Continues for TSX

Materials, Gold Weigh Heaviest

Equities in Canada’s largest market had the stage to themselves, but faded in the early summer heat, most notably with losses in resource stocks.

The S&P/TSX Composite Index retreated 59.53 points to conclude Monday at 16,016.14, its fifth consecutive negative day

The Canadian dollar ducked 0.69 cents at 76.95 centsU.S.

Pan American Silver Corp shares fell 97 cents, or 4.2%, to $22.40 after the company initiated steps to reduce certain activities at the Dolores Mine in Mexico. Elsewhere in the materials sector, Teck Resources faded 33 cents, or 1%, to $34.43

Among gold shares, Goldcorp dropped 27 cents, or 1.5%, to $17.95, while Barrick Gold let go of 10 cents to $17.25

In the energy field, Suncor collapsed 55 cents, or 1.1%, to $50.21.

Bombardier said it had completed the sale of 30 CS300 aircraft to Latvia’sAir Baltic Corp, valuing the firm order at about $2.9 billion based on the list price. The company’s shares rose 18 cents, or 4.1%, to $4.55.

Shares of WestJet Airlines rose 54 cents, or 2.7%, to $20.91. Pilots who fly for the company’s budget carrier Swoop will now be unionized, a concession which resolves a key obstacle in a labor dispute with the airline, a negotiator with the Air Line Pilots Association said.

One of the few bright spots came in health-care issues, where Aurora Cannabis gained 12 cents, or 1.5%, to $8.14, and Canopy Growth picked up $1.62, or 4.6%, to $36.62.

Oil prices surrendered $1.41 a barrel to $66.47U.S.

Gold prices tumbled $6.20 to $1,297.50 an ounce.


The TSX Venture dropped 4.67 points to close Monday at 770.74

All but one of the 12 TSX subgroups were lower on the day, with materials down 0.8%, while gold sank 0.6%, and energy stalled 0.5%.

The lone gainer was in health-care, up 0.7%.


U.S. markets are closed for Memorial Day.

This article provided by NewsEdge.