Canada’s main stock index opened higher on Monday, hurt by a sell-off in materials stocks as gold prices slipped, even as energy stocks rose on a slight uptick in oil prices.
The TSX Composite took on 27.55 points to open Monday morning at 19,682.02.
The Canadian dollar inched up 0.09 cents at 72.39 cents U.S.
In corporate news, Australian pension fund AustralianSuper rejected an offer to drop its opposition to a $10.5-billion bid for Origin Energy by joining a consortium led by Canada’s Brookfield Asset Management and its partner EIG.
Brookfield shares strengthened 36 cents to $43.20.
The TSX Venture Exchange nicked up 1.42 points to 511.70.
Eight of the 12 TSX subgroups were lower, with health-care ailing 1.4%, real-estate weaker 1.2%, and industrials off 0.5%.
The four gainers were headed by energy, up 0.8%, financials, up 0.3%, and consumer staples, up 0.1%.
U.S. stocks dipped Monday after Moody’s Investors Service lowered its U.S. credit rating outlook to negative from stable.
The Dow Jones Industrials retreated 37.66 points to 34,245.14.
The S&P 50 index fell 15.05 points to 4,400.19.
The NASDAQ slid 65.36 points to 13,732.74.
Driving the losses in the S&P 500 were V.F., down 3.4%, Illumina off 4.2%, and Boston Properties, sinking 3% just after the open. Shares of Boeing added more than 4% after Emirates announced a $52-billion order for 95 aircraft.
Investors are awaiting the release of fresh U.S. inflation data this week, with the latest reading on the consumer price index slated for release Tuesday.
Prices for the 10-year Treasury backtracked, raising yields to 4.67% from Friday’s 4.62%. Treasury prices and yields move in opposite directions.
Oil prices perked 67 cents to $77.84 U.S. a barrel.
Gold prices brightened $1.10 to $1,938.80.