The Toronto stock market settled a bit by midday on Monday as oil and gold prices were mixed amid several big deals in Canada's mining sector.
The S&P/TSX Composite Index slumped 5.89 to greet Monday noon at 12,596.29
The Canadian dollar eked up 0.02 of a cent to 101.63 cents U.S., as a new survey by the Bank of Canada showed that Canadian business executives are feeling more confident about 2013.
The central bank's latest quarterly business outlook survey shows firms on balance think sales and employment will pick up after a tough 2012.
The TSX information technology sector led the way, with BlackBerry-maker Research In Motion jumping 10.7%.
The company's shares were up $1.43 to $14.74 ahead of the launch of its BlackBerry 10 devices later this month, as reports emerged that one of its biggest competitors may be feeling some strain in their sales.
The TSX mining and metals sector was up slightly amid a batch of deals.
Switzerland's Swatch Group has reached an agreement to buy Harry Winston Diamond's retail jewelry and watch division for $1 billion U.S. in cash and assumed debt. The Toronto-based company says the deal will position it to pursue mining opportunities as Dominion Diamond Corp. Its shares were up 4.2%, or 60 cents, to $14.87.
Alamos Gold Inc. is making a takeover bid for Aurizon Mines Ltd. that values the Vancouver-based company at $780 million, or $4.65 per Aurizon share in cash and stock. Aurizon's board has yet to make a public comment on the proposal. Aurizon's AMEX-listed shares were up nearly 29% in pre-open trading. Alamos shares dipped $1.57 to $15.36.
Uranium One Inc. is supporting a $1.3-billion offer from a Russian company known as ARMZ, which wants to take the Canadian company private. ARMZ already owns 51.4% of Uranium One's stock. Its shares rose 15%, or 37 cents, to $2.78.
Canadian Satellite Radio Holdings Inc. has reached an agreement with Chrysler Canada under which the auto company will install SiriusXM commercial-free satellite radios into an unspecified number of vehicles over the next five years. CSR shares were up five cents to $6.05.
ON BAYSTREET
The TSX Venture Exchange slipped 5.91 points to 1,234.34
Eight of the 14 Toronto subgroups were lower by noon, weighed by metals and mining, off 0.4%, while energy dipped 0.3%, and consumer staples fell 0.2%.
The half-dozen gainers were buoyed by information technology, zooming 2.1%, while consumer discretionaries and health-care each added 0.2%.
ON WALLSTREET
U.S. stocks were mixed Monday, after a drop in Apple shares weighed on the market, and investors awaited the slew of corporate earnings that are coming this week.
The Dow Jones Industrial Average recovered 5.10 points to break for lunch at 13,493.50
The S&P 500 slid 2.75 points to 1,469.30. The Nasdaq Composite moved down 15.36 points to 3,110.27
Tech shares were dragged lower by Apple, which briefly dipped below $500 U.S. following reports that the company cut orders for iPhone 5 components due to weak demand. The stock was among the biggest losers in the S&P 500 and Nasdaq.
Bucking the trend was Hewlett-Packard, which rose on news that it had dethroned Lenovo as the top maker of personal computers.
Research in Motion also soared over 8% ahead of the launch of BlackBerry 10, its new mobile operating system, which is hitting the stores later this month.
Aside from the tech moves, Monday's trading is expected to be quiet as investors await bank earnings later in the week.
Goldman Sachs and JPMorgan are due to report their results Wednesday, while Intel, Bank of America and General Electric are up later in the week.
United Parcel Service Inc announced it is scrapping plans for a $6.8-billion U.S. merger with TNT Express NV, a smaller Dutch package delivery company. UPS blamed the European Commission for ruining the deal, saying the antitrust regulator wouldn't allow it.
In other merger news, Swiss watch maker Swatch is buying Hollywood's go-to jeweler, Harry Winston. Shares of the exclusive jeweler's parent company, Harry Winston Diamond Corp., rose 6%, even though the deal won't include its gemstone mining operations.
S&P 500 companies are expected to report overall earnings growth of 2.4% for the last three months of 2012, according to observers.
That's better than the 1% decline in the third quarter. But excluding the financial sector, earnings growth for S&P 500 companies is expected to be just 0.2%.
At 4 p.m. ET, Federal Reserve chairman Ben Bernanke is scheduled to give a speech and take public questions at the University of Michigan.
Prices on the 10-year U.S. Treasury note gained ground, lowering yields to 1.86% from Friday’s 1.88%. Treasury prices and yields move in opposite directions.
Oil prices slid 14 cents to $93.42 U.S. a barrel.
Gold prices remained positive $6.60 an ounce to $1,667.20 U.S.
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