Canadian stocks were ticking lower Monday morning amid steady commodities and positive cues from the global equity markets. Trader sentiment improved after opinion polls published over the weekend suggested pro-austerity parties are likely to win elections next month in Greece, raising hopes that the country will stay in the euro common currency. Greek polls showed growing support for pro-bailout parties.
However, stocks were pressured amid lack of cues from south of the border, as the U.S. stock markets were closed for Memorial Day holiday.
The S&P/TSX Composite Index eased 39.75 points or 0.34 percent to 11,536.72, after gaining nearly 300 points or 3 percent in the past four sessions.
Energy stocks were in the green as the price of crude oil was adding $0.58 to $91.44 a barrel. In the oil patch, Paramount Resources (POU.TO) rose close to 6 percent. Baytex Energy Corp. (BTE.TO), Imperial Oil (IMO.TO) and Husky Energy (HSE.TO) gathered about 2 percent each.
Meanwhile, gold stocks were paring recent gains even as the price of bullion remained steady. The price of gold edged up $4.50 to $1,573.40 an ounce.
Goldcorp. (G.TO) and Barrick Gold (ABX.TO) were down over 2 percent each.
Among financial stocks, Royal Bank (RY.TO) slipped 0.50 percent. The lender said it has resolved several tax matters and would release nearly $130 million of tax uncertainty provisions recorded earlier.
TD Bank (TD.TO) was down close to 1 percent.
Medical software solutions provider Medipattern Corp. (MKI.V) said it would acquire MyTrak Health System Inc. for $4-million. The stock lost 7 percent, paring 14 percent gains made in the previous session.
by RTT Staff Writer
For comments and feedback: email@example.com