The Canadian market ended weak on Monday, losing for a third straight day, as uncertainty about the outlook for U.S. interest rates, and lower metal prices weighed on sentiment.
The benchmark S&P/TSX Composite Index, which fell to 21,466.60 in the first hour, losing more than 160 points, recovered gradually and finally ended the day\'s session at 21,587.88, down 51.22 points or 0.24% from the previous close. The index recorded its lowest close since March 5.
Boyd Group Services (BYD.TO) ended down by 3.6%. Pembina Pipeline Corporation (PPL.TO), CCL Industries (CCL.A.TO), goeasy (GSY.TO), Shopify Inc (SHOP.TO) and West Fraser Timber (WFG.TO) settled lower by 1 to 2.6%.
Atco Ltd. (ACO.X.TO), Capital Power Corp (CPX.TO), Telus Corp (T.TO), Cogeco Communications (CCA.TO), First Quantum Minerals (FM.TO) and MAG Silver Corp (MAG.TO) ended notably lower.
Cargojet (CJT.TO), BRP Inc (DOO.TO), Waste Connections (WCN.TO), Bombardier Inc (BBD.B.TO), Celestica Inc (CLS.TO), EQB Inc (EQB.TO) and Canadian Pacific Kansas City (CP.TO) gained 1.5 to 3%.
Primo Water (PRMW.TO) climbed 2%. Primo Water and an affiliate of BlueTriton Brands have agreed for a merger in an all-stock transaction that will create a North American healthy hydration company. Upon closing, Primo Water shareholders and holders of incentive equity will own 43% of the fully diluted shares of the newly combined company with BlueTriton shareholders owning the remaining 57%.
On the economic front, data from the Canada Mortgage and Housing Corporation showed housing starts in Canada increased to 264,500 units in May from 241,100 units in April.