Canada's main stock index ended higher on Monday, boosted by Alimentation Couche-Tard's major expansion and by a jump in Valeant Pharmaceuticals International Inc after it hired a new chief financial officer.
The S&P/TSX Composite battled out of negative territory, and forged into the green 60.73 points to close Monday at 14,748.19.
The Canadian dollar erased 0.5 cents to 77.23 cents U.S.
Couche-Tard, the convenience store behemoth, jumped $4.63, or 7.5%, to $66.78, on word of a definitive merger agreement with CST Brands, Inc., under which Couche-Tard would acquire CST in an all-cash transaction for $48.53 U.S. per share, with a total enterprise value of approximately $4.4 billion U.S. including net debt assumed.
Valeant, for its part, boosted $3.59, or 9.7%, to $40.55.
Gold stocks, however, took their lumps, most notably, Kinross Gold, off 12 cents, or 1.9%, to $6.20, while Barrick Gold cooled off seven cents to $26.41.
Among energy issues, Baytex Energy collapsed 31 cents, or 4.4%, to $6.74, while Bellatrix Exploration headed earthward three cents, or 2.9%, to $1.00.
On the economic scene, Statistics Canada reported that wholesale sales increased for a third consecutive month in June, up 0.7% to $56.4 billion. Four of the seven sub-sectors, representing 68% of wholesale sales, recorded gains.
ON BAYSTREET
The TSX Venture Exchange slumped 12.87 points to 820.24
All but three of the 12 subgroups were higher by session’s end, as health-care piled on 2.9%, consumer staples soared 2.8%, and real-estate improved 0.9%.
The three laggards were gold, down 0.9%, energy, sliding 0.4%, and materials, off 0.2%.
ON WALLSTREET
U.S. stocks closed mostly lower on Monday, with energy falling nearly a full percentage point, as investors looked ahead to a key speech from the top Federal Reserve official.
The Dow Jones Industrials faded 23.15 points at 18,529.42, with Apple leading decliners and Boeing the top advancer.
The S&P 500 drooped 1.23 points to 2,182.64, with energy leading five sectors lower and utilities leading advancers.
The NASDAQ Composite nosed ahead 6.22 points to 5,244.60, with Apple subsiding about 0.8%
Dow-component Pfizer agreed to buy U.S. drug company Medivation for $81.50 a share, or about $14 billion U.S. Shares of Medivation rose 19.7%, while Pfizer's stock ended 0.4% lower.
Fed Chair Janet Yellen is scheduled to deliver a speech Friday on the U.S. economy and monetary policy at the Economic Policy Symposium at Jackson Hole, Wyoming.
Yellen's remarks will be delivered following hawkish rhetoric from Fed Vice Chairman Stanley Fischer and New York Fed President William Dudley.
Prices for the 10-year Treasury strengthened, lowering yields to 1.54% from Friday’s 1.58%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.81 a barrel to $47.05 U.S.
Gold prices slid $5.20 to $1,341.00 U.S. an ounce.
