The Toronto Stock Exchange was largely unchanged on Monday on a business day where banks, many other businesses and the bond markets all closed for the Remembrance Day holiday.
At the closing, the S&P/TSX Composite Index was down 19 points, to 13,358. The loonie was changing hands at 95.44 cents US, unchanged since Friday’s close.
The resource sector was a source of weakness, with gold and raw materials both moving lower. The gold index lost almost two per cent as the price of bullion shed almost $3 to $1,280 an ounce.
Gold lower, energy higher
Two of the largest gold miners in the world, Goldcorp and Barrick Gold, both saw their shares decline. The base metals sector was off 0.6 per cent despite copper and zinc prices being flat on the day.
The energy sector was also down despite the price of a barrel of oil moving up about half a dollar to just over $95 US a barrel. That’s the price for the U.S. oil blend known as West Texas Intermediate.
But because of pipeline capacity and other issues, Canadian oil producers receive much less for their oil. The Canadian benchmark Western Canada Select is currently trading for $39 less than WTI. The gap has averaged about $25 per barrel for the last 12 months, but it’s been widening for the last month.
In part because of that, shares in Canadian oil company Suncor were slightly lower in light trading at $36.86 on Monday. Canadian Natural Resources Ltd. was also down about 0.5 per cent, and Husky was down by 1.5 per cent to $30.12 a share. Cenovus shares were also lower at $30.21.
Potash Corporation of Saskatchewan was a sources of strenght, gaining more than 1 per cent to trade at $34.55 on the TSX in the afternoon.
The telecom sector was a source of strength, with news of a $400-million pact to merge Ottawa-based Mitel Networks Corp. and Toronto-based Aastra Technologies Ltd.
Share of both companies were higher.