The Toronto stock market was flat at the open Monday as the onset of Hurricane Sandy on the Eastern Seaboard resulted in major U.S. exchanges canceling trading for the day.
The S&P/TSX composite opened the week and the month up 6.27 points to 12,306.57
The Canadian dollar eased back 0.18 cents to 100.02 cents U.S.
In other corporate news, Petronas Canada has extended the deadline for its takeover bid for Progress Energy Resources Corp. in hopes it will be able to convince Industry Canada to reverse an earlier decision and approve the deal. The deadline had been extended to Nov. 30 from Oct. 31. Progress shares galloped 92 cents, or 5%, to $19.28.
TransCanada Corp. and Phoenix Energy Holdings Ltd. are forming a partnership to build a $3-billion pipeline project in Northern Alberta to serve an area of emerging oilsands production. Each of the companies would own half of the Grand Rapids project, which they expect will carry crude oil and diluent for oilsands producers northwest of Fort McMurray, Alta., starting in early 2017. TransCanada shares gained 40 cents to $44.80
The Toronto stock market was already in for a lacklustre showing this week as disappointments over the quarterly earnings season pile up and traders exercise caution ahead of an American election too close to call.
ON BAYSTREET
The TSX Venture Exchange subsided 7.73 points to 1,293.11
Eight of the 14 Toronto subgroups were higher to start the day and week. Information technology soared 1.8%, while health-care was 0.5% more robust, and consumer staples climbed 0.3%.
The five laggards were weighed mostly by metals and mining, down 0.7%, while financials and materials each lost 0.2%. Telecoms were flat to start the day.
ON WALLSTREET
U.S. stock exchanges are closed Monday as Hurricane Sandy bears down on New York and much of the U.S. Eastern Seaboard.
The New York Stock Exchange said in a statement late Sunday that it will close its markets Monday. Markets are likely to remain closed on Tuesday as well.
On Friday, the Dow Jones Industrial average gained 3.53 points to 13,107.21. The S&P 500 ducked back 1.03 points to 1,411.94, and the Nasdaq Composite gained 1.83 points to 2,987.95
The Nasdaq stock market, which trades many technology stocks including Google and Microsoft, will also be closed Monday. The exchange will later announce plans for Tuesday.
New York declared a state of emergency and the city suspended subway, bus and rail commuter rail serving starting at 7 p.m. ET Sunday.
The NYSE originally planned on staying open for electronic trading, while closing its trading floor, but later said all operations would close after consultations with regulators and other exchanges.
CME Group's Nymex trading floor in New York, which trades oil futures, will be closed because it is headquartered in New York City's mandatory evacuation zone.
NYSE rarely shuts down for weather-related emergencies: Hurricane Gloria in 1985, and a snowstorm in 1969 were the last major weather events to bring the exchange to a halt.
Gold prices tacked on $1.10 per ounce to $1,713 U.S.
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