The Toronto stock market was little changed Monday amid hopes that central bankers will ride to the rescue of a weak global economic recovery with fresh stimulus measures.
The S&P/TSX Composite index was 6.92 points shy of breakeven to reach noon at 12,075.31
The Canadian dollar strengthened 0.38 cents to 101.07 cents U.S.
The base metals sector was down as September copper shed an early advance to move down one cent to $3.48 U.S. a pound. Sector heavyweight Teck Resources fell 23 cents to $28.75.
The gold sector slipped as Goldcorp Inc. dipped 17 cents to $39.90
The energy sector was little changed with Canadian Natural Resources declining 21 cents to $30.85.
Telecoms led advancers with Rogers Communications ahead 19 cents to $40.27 after it said it is buying sports broadcaster Score Media Inc. in a transaction valued at $167 million, or $1.62 per share.
Shares of Score Media jumped nearly 47% Friday following reports that the specialty TV sports broadcaster was in discussions to be purchased by Rogers. Score Media, which owns the Score Television Network, rose 49 cents to $1.54 on the Toronto Stock Exchange before its stock was halted pending news just before noon Friday. Its stock was up a further 20 cents to $1.74 Monday morning.
In other acquisition activity, Canadian uranium giant Cameco has purchased one of Australia’s largest undeveloped uranium deposits. Cameco is paying BHP Billiton $430 million U.S. for the Yeelirrie uranium project. Cameco shares were down 29 cents to $22.17.
As in the States, there are no economic reports to sort through in Canada today.
ON BAYSTREET
The TSX Venture Exchange deducted 0.92 points to 1,250.04. The Nasdaq Canada squinted higher 0.57 points to 352.23
All but four of the 14 Toronto subgroups were in the red to break for lunch. Global base metals lost 0.7%, while industrials and consumer staples reared back 0.4% each.
The four gainers were led by telecoms and information technology, picking up 0.3% each, and energy issues, acquiring 0.2%.
ON WALLSTREET
U.S. stocks were mixed Monday, as investors wait for central banks to decide if the global economy is in need of further stimulus measures.
The Dow Jones industrial average fought its way higher 6.19 points to reach midday at 13,164.16
The S&P 500 index advanced 3.67 points to 1,414.80, while the tech-heavy Nasdaq Composite Index turned positive by 10.86 points to 3,080.65
Best Buy said on Monday that it reached an agreement with its founder, Richard Schulze, that allows him a closer look at the company's financial statements as he finalizes a proposal to take over the electronic retailer.
The historic patent battle between Apple and Samsung came to an end Friday, as a California jury found Samsung had infringed on the majority of the patents in question -- including software features like double-tap zooming and scrolling -- and recommended that Apple be awarded more than $1 billion in damages.
AOL Inc announced its final steps in returning roughly $1.1 billion U.S. to shareholders, as the company agreed to repurchase $600 million U.S. worth of common stock under an agreement with Barclay's Bank. The company authorized a $5.15 U.S. per share special cash dividend.
Tiffany & Co reported earnings that fell short of analyst expectations Monday morning. The company also lowered its outlook for the remainder of the year. Shares of the company edged higher.
Hertz Global Holdings and Dollar Thrifty Automotive Group agreed to merge Sunday, bringing the two rental car giants together in a deal valued at $2.3 billion. Hertz will pay $87.50 U.S. a share in cash through a tender offer for Dollar Thrifty stock. Shares of Hertz rose 13% and shares of Dollar Thrifty were 7% higher in early trading.
Investors are holding their breath ahead of Federal Reserve Chairman Ben Bernanke's annual speech in Jackson Hole, Wyo. later this week.
Minutes released last week from the Fed's last two-day meeting, which ended on August 1, suggested that additional stimulus could come "fairly soon" unless the economic recovery regains substantial and sustainable strength. But a day later, St. Louis Federal Reserve President James Bullard talked down the odds of anything imminent, calling the minutes "a bit stale."
Meanwhile, the Republican National Convention begins Monday in Tampa, Fla. Presidential candidate Mitt Romney and his running mate, Wisconsin Congressman Paul Ryan, will deliver speeches that should shed more light on their proposed policies.
There are no major economic reports being issued today in the United States.
The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.65% from 1.68% late Friday. Treasury prices and yields move in opposite directions.
Oil for September delivery faded $1.02 to $95.13 U.S. a barrel.
Gold futures for December delivery shed $1.30 to $1,671.60 U.S. an ounce.
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