Tuesday, 07 December 2021 07:16 GMT

Stocks Take Day Off from Climbing


(MENAFN- Baystreet.ca) Stocks Take Day Off from Climbing
Aurora, Lifeworks Hit Hardest








Canada's main stock index descended from its record highs on Monday, weighed by losses among health-care and industrial stocks, although upbeat economic data out of China limited losses.
The S&P/TSX Composite dwindled 85.45 points to conclude Monday at 21,683.08.
The Canadian dollar gained 0.22 cents at 79.92 cents U.S.
Among cannabis concerns, Aurora Cannabis docked 59 cents, or 5.5%, to $10.13, while Canopy Growth slid $1.05, or 5.5%, to $18.11.
In the industrial sector, Lifeworks gave up $1.09, or 3.9%, to $26.93, while Westport Fuel lost 16 cents, or 4.4%, to $3.52.
Financials also got bruised, most notably, Canaccord Financial, off 57 cents, or 3.5%, to $15.95, while Sprott Inc. let go of $1.13, or 1.9%, to $57.28.
Consumer stocks tried to balance things out, with Canada Goose Holdings taking flight $1.30, or 2.1%, to $64.74, while Magna International gained $2.03, or 1.9%, to $110.51.
Empire Company added 48 cents, or 1.2%, to $39.22, while Alimentation Couche-Tard climbed 59 cents, or 1.2%, t5o $50.81.
In the gold patch, Iamgold took on 12 cents, or 3.1%, to $4.28, while Yamana Gold jumped 10 cents, or 1.6%, to $5.69.
On the economic slate, wholesale trade grew 1.0% in September, generated by higher sales of agricultural supplies and machinery, equipment and supplies.
Manufacturing sales fell 3.0% in September, mainly attributable to lower sales in the motor vehicle industry.
Lastly, national home sales rose 8.6% on a month-over-month basis in October, according to the Canadian Real Estate Association.
ON BAYSTREET
The TSX Venture Exchange picked up 0.43 points to 1,021.49.
Eight of the 12 TSX subgroups were lower on the day with health-care issues down 0.9%, industrials declining 0.8%, and financials, sliding 0.6%.
The four gainers were led by consumer discretionaries, adding 1.0%, consumer staples surging 0.4%, and gold, inching up 0.02%.
ON WALLSTREET
U.S. equities were flat on Monday, as U.S. Treasury yields reversed and climbed higher, and investors awaited quarterly reports from big retailers later in the week.
The Dow Jones Industrials eased back 12.86 points to greet the closing bell Monday at 36,087.45.
The S&P 500 dropped 0.05 points to 4,682.80.
The NASDAQ Composite skidded 7.11 points to 15,853.85.
Chief among featured stocks was Tesla, whose shares fell 1.9% and continued their decline from last week, when CEO Elon Musk sold nearly $7 billion worth of Tesla stock. Tesla ended the week down 15.4% for its worst week since March 2020.
Tech darling Nvidia also lost 1.2% as investors pulled back their positions ahead of the company's quarterly results this week. Some have said the chipmaker is overextended on a relative strength basis, and last week Wedbush Securities downgraded the stock to neutral from outperform.
But investors' main focus was on upcoming quarterly earnings reports from several major retailers this week. Target gained about 1.6%, while Lowe's lost 0.5%. Both will report on Wednesday. Shares of Walmart and Home Depot, both reporting Tuesday, declined.
Shares of Dollar Tree jumped 14.2% following a report Friday that activist investor Mantle Ridge has taken a stake worth at least $1.8 billion in the discount store chain and will push it to do more to add to shareholder value.
Boeing rose nearly 5.5% following news that Saudi Arabian Airlines is in talks with Airbus and Boeing for a wide-body jet order. At the same time, Emirates announced an order for two Boeing 777 Freighters at the 2021 Dubai Airshow.
Prices for 10-year Treasurys lost ground Friday, raising yields to 1.63%, from 1.57% on Friday. Treasury prices and yields move in opposite directions.
Oil prices nosed up 10 cents to $80.89 U.S. a barrel.
Gold prices slid $3.80 to $1,864.70 U.S. an ounce.









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