June 13, 2021

Toronto Stocks Edge lower

2 min read
Canada’s main stock index was slightly lower on Monday afternoon, as losses in mining shares...

Canada’s main stock index was slightly lower on Monday afternoon, as losses in mining shares offset gains in heavyweight energy and banking stocks, while investors await U.S inflation data due later this week.

The TSX slipped 28.62 points to 20000.57, but still hovering around record levels at which it ended last week.

The Canadian dollar inched up 0.07 to 82.88 cents U.S.

The largest percentage gainers on the TSX were Trillium Therapeutics, up $1.46, or 14.8%, to $11.28, and BlackBerry, which rose $1.11, or 6.6%, to $17.85.

Advertising firm AcuityAds Holdings was down 12 cents to $13.63, while freight company TFI International lost $3.16, or 3.6%, to $110.65.

ON BAYSTREET

The TSX Venture Exchange dipped 0.96 points to 977.05.

Seven of the 12 TSX subgroups were in the red, with consumer discretionary issues sinking 1.20%, while energy shed 0.90% and materials down 0.68%.

The five gainers were led by health-care, up 4.36%, while real-estate gained 1.01 and tech stocks were ahead 0.49%.

ON WALLSTREET

Stocks moved into the red Monday as Wall Street assessed inflation risks and possible implications a global tax agreement would have on the largest technology companies in the U.S.

The Dow Jones Industrial Average fell 38 points, or 0.11%, to 34,717, the S&P 500 dipped 0.18% and the Nasdaq was down 0.08% as investors weighed the impact a 15% global corporate tax agreement secured by the G-7 over the weekend would have on the tech giants.

Tech stocks were weak in afternoon trading, weighing on sentiment a bit. Shares of Zoom and Tesla each fell about 1%.

Visa shares were higher, gaining 1% following an upgrade by Piper Sandler.

Meme stocks are back in the spotlight again this week. AMC rallied 20% on Monday. Most of these speculative stocks, including GameStop, AMC and BlackBerry, ended the week in the red despite massive gains after a volatile trading week.

Over the weekend the G-7 nations reached an agreement on global tax reform, calling for the world’s largest corporations to pay at least a 15% tax on their earnings.

That’s lower than the Biden administration’s initial suggestion of a minimum 21% tax rate, which didn’t garner much enthusiasm in other countries. Major companies including Facebook and Google have responded favorably to the agreement.

The yield on the benchmark 10-year Treasury was up slightly to 1.572% on Monday. Treasury prices and yields move in opposite directions.

Oil prices lost 32 cents to $69.30 U.S. a barrel.

Gold prices grabbed $20.70 to $1,894.00 U.S. an ounce.

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