-- The Toronto Stock Exchange is down 122 points at midday with most sectors lower.
Energy, up 1.8% is the best performer, led by gains in ARC Resources (ARX.TO) which has jumped 21% higher to $31.28 after announcing this morning it agreed to be acquired by Shell. Shareholders will receive $8.20 in cash and 0.40247 ordinary shares of Shell per ARC share.
On the economic front, Prime Minister Mark Carney announced Canada's first national sovereign wealth fund, the "Canada Strong Fund," at a press conference in Ottawa on Monday. The federal government will endow $25 billion into the fund, which Carney says will function as a "national savings and investment account designed to grow wealth for future generations of Canadians." A government statement said the fund will invest in projects in "clean and conventional energy, critical minerals, agriculture, and infrastructure." Investments will be conducted alongside the private sector.