Bay Street Buckles As Trump Blasts NAFTA -- Canadian Commentary

(RTTNews) - Canadian stocks fell Monday amid concerns that Donald Trump's protectionist policies will hurt companies on both sides of the border.

Trump told a meeting of corporate executives he plans to impose a major border tax, although he also promised a massive tax cut for the middle class and companies.

The new president also signed an executive order to renegotiate NAFTA and signed an order indicating his intention to withdraw from the Trans-Pacific Partnership.

The TSX Composite Index dropped 67 points to 15,480.13, as energy stocks struggled on lower oil prices.

Peyto Exploration & Development (PEY.TO) fell 5.6 percent after Barclays cut its target price and downgraded its view on the stock.

Gold shares provided a measure of support. Gold for February jumped to $1210 an ounce, its best closing mark since November.

Fast-casual restaurant chain Freshii is boosting the price range for its initial public offering to $10-$11.50 from the previous $8.50-$10, BNN reports.

Health care stocks struggled, as Valeant (VRX.TO) lost 4.2 percent.