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S&P/TSX
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+63.20
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S&P-500
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NASDAQ
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Dow
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Dollar
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56.64
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1294.41
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Silver
17.300
+0.228
(+1.34%)


Oil weighs down TSX

The Toronto stock market fell Monday as oil prices tracked lower ahead of the release of the federal budget, while Wall Street remained steady.

The S&P/TSX composite index gave up 48.17 points at 15,442.32, a notable gain in the gold sector not enough to offset losses in most other sectors.

The market also benefited from news of an unsolicited US$1.1 billion takeover offer that was rejected by Toronto-based Dominion Diamond, a company run by American billionaire Dennis Washington.

Dominion Diamond operates the Ekati mine in the Northwest Territories and owns a 40 per cent stake in the Diavik mine through a joint venture with Rio Tinto.

Shares in the company soared more than 23 per cent, or $3.06, to finish at $16.27 on the Toronto Stock Exchange.

Canadian markets analyst Craig Fehr said the Canadian market is shying away from any major moves until the federal budget gets released on Wednesday.

Market watchers will wait to see if Ottawa plans on any massive spending in areas like the resource or industrials sectors, which may stand to benefit most.

"This is going to be an interesting budget, not because it's going to contain a lot of surprises, but it will show a bit of how the government is perhaps trying to navigate the uncertainties that exist now with trade policies and the U.S.," said Fehr, who is with Edward Jones in St. Louis.

The budget will also be keeping an eye on fiscal restraint to ensure that government debt levels don't raise dramatically, he added.



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