The Toronto stock market was little changed Monday as continued weakness in resource stocks offset the positive effects of a strong U.S. retail sales report.
The S&P/TSX Composite Index approached noon ahead only 8.66 points, to 12,049.05
The Canadian dollar fell back 0.30 cents, to 99.77 cents U.S.
Mining stocks led decliners amid lower copper prices that added to the already sharp declines racked up this month amid soft Chinese data.
The base metals sector led TSX decliners. Commodity prices initially improved following the release of the U.S. retail report but by mid-morning copper prices lost another two cents to $3.60 U.S. a pound.
Copper has lost more than 8% so far this month amid data showing slowing growth in China, which is the world's biggest consumer of the metal. Copper is also known as an economic bellwether because it is used in so many industries.
First Quantum Minerals gave back $1.19 to $20.42 and Ivanhoe Mines fell 69 cents to $12.06.
Iamgold was off 17 cents to $12.51.
Tech stocks also weighed on the TSX as Research In Motion Ltd. shed 16 cents to $12.70.
The energy sector rose and Suncor Energy gained 45 cents to $30.90.
Nexen Inc. has received regulatory approvals clearing the way for an expansion at its oilsands operation in northern Alberta. The latest approvals are for two more extraction pads at the Long Lake operation, which has experienced numerous delays due to technical issues. Its shares gained 21 cents to $18.51.
Blue chips provided some buoyancy with BCE Inc. ahead 31 cents to $39.92 and TD Bank up 40 cents to $82.35.
In the economic docket, Statistics Canada reported this morning that foreigners added $12.5 billion to their holdings during February, concentrated in federal government bonds. Meantime, Canadian investors reduced their holdings of foreign securities by $2.2 billion, marking the first lessening of holdings in 10 months.
Elsewhere, the Canadian Real Estate Association told us that sales activity rose 2.5% from February to March, to its highest monthly level since April 2010. Hikes in Toronto, Calgary, and Edmonton boosted the numbers most.
ON BAYSTREET
The TSX Venture Exchange slid 19.46 points to 1,440.47, while the Nasdaq Canada index ducked back 6.35 points to 396.83
Eight of the 14 Toronto subgroups were lower at midday. Metals and mining stumbled 2.1%, materials sank 0.8%, while information technology slipped 0.6%.
The half-dozen gainers were led by telecoms and consumer staples, each progressing 0.6%, and financials, ahead 0.5%.
ON WALLSTREET
In New York, stocks were mixed Monday, with blue-chips holding gains, as investors weighed mixed economic news, corporate earnings and renewed worries about Europe.
The Dow Jones Industrials grew 62.78 points to break for lunch at 12,912.40
The S&P 500 stepped back 2.50 points to 1,367.76, and the Nasdaq subtracted 21.79 points to 2,989.54
Tech stocks, which have had a strong year so far, were among the worst performers. Shares of Sprint, Google and even Apple were under pressure.
The week ahead brings earnings reports from 84 of the companies in the S&P 500, and 12 of the 30 companies in the Dow Jones Industrial average.
Overall, earnings are expected to have slowed in the first quarter after several quarters of robust growth.
Stocks are coming off of their worst week of the year. Last week, the Dow tumbled 1.6%, the S&P 500 sank 2% and the Nasdaq lost 2.3%.
Citigroup shares rose after the bank said it earned 95 cents U.S. per share in the first quarter. Excluding certain items, Citi said it earned $1.11 U.S. per share. Analysts had been anticipating earnings of $1 per share.
So far, bank earnings are off to a solid start, after both Wells Fargo and JPMorgan Chase topped estimates when they released reports Friday. Bank of America, Goldman Sachs and Morgan Stanley will all report earnings later in the week.
Mattel shares fell after the company reported quarterly earnings before the bell that missed expectations.
Gannett shares plunged after the newspaper publisher said it earned 28 cents U.S. per share in the first quarter, down 24% from the same period last year.
Shares of Baxter fell after the company said the U.S. Food and Drug Administration has requested additional information, to complete a review of a drug being developed by Baxter and Halozyme Therapeutics.
Nokia shares were down after the company was downgraded by credit rating agency Moody's.
Economically speaking, the Commerce Department reported Monday that retail sales rose 0.8% in March, ahead of analyst expectations of 0.3%, after climbing a revised 1% in February.
U.S. business inventories rose 0.6% in February, following a 0.7% increase the month before, according to the Commerce Department.
An index of manufacturing activity in New York State fell in April to 6.6 from 20.2 in March, according to the New York Federal Reserve bank. The Empire index was much weaker than expected.
The price on the benchmark 10-year U.S. Treasury gained ground, pushing the yield down to 1.95% from Friday’s 2.00%. Treasury prices and yields move in opposite directions.
Oil for May delivery fell 71 cents to $102.12 U.S. a barrel.
Gold futures for April delivery fell $10.50 to $1,648.40 U.S. an ounce.
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