Canadian share prices were firmly in negative territory in noon-time trading on the Toronto market, with the TSX composite index falling 101 points to 11,094, and on track to add to last week's big losses of more than 4 per cent. The drop was led by oil and gas, industrial and consumer services sectors.
The triple-digit point decline on the Toronto market and percentage loss of nearly 0.9 per cent per cent makes it one of the worst performers internationally on Monday, a session marked by low volume because most U.S. markets are closed for the Independence Day holiday and little in the way of market-changing news elsewhere in the world.
Exchanges were moderately lower in late session trading in Europe, with losses ranging from a quarter to a third of a percentage point on the big European bourses, while Japanese equities tracked higher.
Electronic trading on U.S. stock futures pointed to a modest pullback for stocks when markets open for business on Tuesday, with the S&P 500 September futures off 2.3 points to 1012 and the Dow Jones industrials down 20 points to 9,576. Futures prices are volatile and may change before markets open.
One of the biggest movers in Toronto trading were the shares of Taseko Mines, which received a setback when an environmental panel ruled against its proposed Prosperity gold-copper mine in British Columbia. Taseko plunged 46 cents, or 11 per cent.
With worries continuing about the health of the global economy, base metal producers were also weak. Teck fell 85 cents or 2.7 per cent.
Gold miners were generally lower, with Barrick among the large caps off 18 cents or 0.39 per cent, although Agnico bucked the trend and gained 36 cents or 0.59 per cent.
The big U.S. gold market is shut for the holiday, but spot prices tracked by bullion website Kitco.com had the yellow metal falling $3.80 (U.S.) from late Friday's level to 1,207.50 an ounce and silver prices down 9 cents to $17.78 an ounce.
Canadian banks have been lauded for their ability to withstand the 2008-09 market panic, but they haven't been getting any respect today. The Canadian Imperial Bank of Commerce led the declines in all six of the country's big banks, with a pull-back of 75 cents (Canadian) or 1.14 per cent.
The technology sector was one of the few areas to post a gain, but the move up was due mainly to heavyweight Blackberry maker RIM's 39 cent advance. The shares have plunged so far this year due to strong competition in the mobile phone market and are down nearly 50 per cent from their 52-week high of $94 a share. The Queen is scheduled to tour some of the company's facilities today.