Stocks in Canada’s marketplace remained positive as the clock approached noon ET, as energy and financial stocks led gains, but Home Capital Group Inc shares slid following news its account balance halved and it had suspended its dividend.
The S&P/TSX Composite Index acquired 48.66 points to greet noon at 15,630.70
The Canadian dollar dipped 0.1 cents at 73.07 cents U.S.
The leading sector was telecoms Monday morning, as BCE advanced 19 cents to $62.30, while Rogers Communications picked up 21 cents to $62.92.
Industrials also made a respectable show of it, with Air Canada acquiring seven cents to $14.01
Royal Bank of Canada rose modestly, but was among the most influential movers on the index. Canada's biggest bank gained 0.4% to $94.12. The financials group rose 0.2%, but gains were tempered by a 5.1% fall to $5.55 in Home Capital shares.
Home, Canada's biggest non-bank lender, which also named three new directors to its board and a new chairwoman on Monday, has been hit by uncertainty after a securities regulator alleged earlier this year that executives hid mortgage broker fraud from investors.
Among energy plays, Suncor was up 1% at $43.02, while Encana Corp climbed 1.3% to $15.17.
In the economic docket, Canada Mortgage and Housing Corporation reported that the seasonally-adjusted annual rate of housing starts trended higher at 213,768 units in April, compared to 210,702 units in March
ON BAYSTREET
The TSX Venture Exchange gained 3.76 points to 785.48
Eight of the 12 TSX subgroups were positive, as telecoms progressed 0.5%, industrials moved up 0.4%, and consumer staples grew 0.3%.
The four laggards were weighed most by health-care issues, fading 1.1%, gold, down 0.4%, and materials, subsiding 0.3%.
ON WALLSTREET
Equities in the U.S. remained cautious – slightly below breakeven – as morning became afternoon on Monday, in a narrow trading range as investors digested Emmanuel Macron's victory over Marine Le Pen in the French presidential election.
The Dow Jones Industrial Average stayed negative, only 7.55 points away from breakeven at 20,999.39, with Goldman Sachs the biggest anchor.
The S&P 500 lost 2.45 to 2,396.84
The NASDAQ slid 10.08 points to 6,090.65
In corporate news, Sinclair Broadcast will acquire Tribune Media for $3.9 billion, or $43.50 per share. The announcement sent Tribune's stock more than 6% higher and Sinclair's 2.8% higher.
Coach also agreed to buy Kate Spade for $2.4 billion, or $18.50 per share, in an effort to resonate more with younger consumers.
In total, there were more than $13 billion in announced U.S. mergers and acquisition deals Monday, according to one expert. However, he also said announced deal value for this year is down about 2% from 2016.
In U.S. economic news, St. Louis Federal Reserve President James Bullard and Cleveland Fed President Loretta Mester spoke before the open.
Mester — a known hawk in the Fed's policymaking committee — said in a speech: "We have met the maximum employment part of our mandate and inflation is nearing our 2% goal."
Wall Street also looked over key economic data out of China, as the country's exports and imports failed to meet expectations for April.
Macron cruised to win the French presidency, securing at least 65% of the vote. Investors across the globe largely expected this outcome as most polls projected the 39-year-old to win.
Prices for the benchmark 10-year Treasury note faded, raising yields to 2.38% from Friday’s 2.35%. Treasury prices and yields move in opposite directions.
Oil prices lost 30 cents at $45.92 U.S. a barrel
Gold prices added $1.20 at $1,228.10 U.S. an ounce.
