Stocks in Canada’s largest market were somewhat listless after Tuesday’s opening bell, as higher metal prices supported mining stocks, while shares of Enbridge Inc advanced after the company said it would buy Spectra Energy Corp.
The S&P/TSX Composite discarded 5.74 points to begin a short week at 14,789.96
The Canadian dollar added 0.07 cents at 77.42 cents U.S.
Markets on both sides of the border were shuttered Monday for Labour Day
Enbridge Inc. said it would buy Spectra Energy Corp in an all-stock deal valued at about $37 billion to create the largest North American energy infrastructure company.
Enbridge saw its shares boosted $1.70, or 3.2%, to $54.95.
TD Securities raised the target price on Sleep Country Canada Holdings to $36.00 from $32.00, with a buy rating.
Sleep Country gained 35 cents, or 1.1%, to $31.39.
TD Securities raises target price on Cascades Inc. to $13.50 from $12.50, with a buy rating.
Cascades shares faded 14 cents, or 1.2%, to $11.19.
TD Securities raised the target price on Kelt Exploration to $8.50 from $7.50. Kelt shares bolted higher 19 cents, or 3.9%, to $5.02.
ON BAYSTREET
The TSX Venture Exchange soared 10.32 points, or 1.3%, early Tuesday to 821.14
Eight of 12 TSX subgroups were negative to start, with industrials tumbling 0.7%, consumer staples descending 0.5%, and information technology off 0.4%.
The four gainers were led by gold, up 1%, materials, up 0.9%, and health-care, haler by 0.4%.
ON WALLSTREET
U.S. stocks ducked below breakeven Tuesday as Wall Street analyzed the release of economic data while keeping an eye on oil prices.
The Dow Jones Industrials turned lower 29.27 points to begin Tuesday at 18,462.69, with United Technologies contributing the most losses
The S&P 500 lost 4.45 points to 2,175.53
The NASDAQ Composite slid 3.54 points to 5,246.36
Tuesday sees a slew of corporate news, with Bayer raising its bid for Monsanto to $127.50 U.S. per share from $125. Molecular diagnostics firm Cepheid announced it's being bought out by Danaher for $53 U.S. per share. Also, Spectra Energy is being bought out by Canadian pipeline firm Enbridge for $28 billion U.S.
The ISM non-manufacturing PMI index for August came in at 51.4. Economists polled by Reuters expect the index to come in at 55.0, slightly below a July read of 55.5. A number above 50 indicates expansion, while one below 50 shows contraction.
Prices for the 10-year Treasury strengthened, lowering yields to 1.56% from Friday’s 1.6%. Treasury prices and yields move in opposite directions.
Oil prices flopped 28 cents at $44.16 U.S. a barrel
Gold prices hiked $16.50 at $1,343.20 U.S. an ounce.
