Equities in Toronto were fairly flat at the beginning of trading on Monday, as initial euphoria over a bailout deal for Cyprus faded quickly.
The S&P TSX index eked higher by 1.78 points to begin a short week at 12,759.13
The Canadian dollar improved 0.32 cents to 98.04 cents U.S.
In company news, Manulife Financial paid CEO Donald Guloien $10.4 million in 2012, a 20.5% rise from the previous year due to the company's increased profit. Manulife shares gathered six cents to $15.27
U.S. health regulators on Friday approved Cangene Corpporation latest product, the first ever antibody that can counteract the effect of all types of toxins known to cause botulism. The new developments caused Cangene shares to hike 17 cents, or 6.2%, to $2.92.
No major economic data is scheduled for release Monday.
ON BAYSTREET
The TSX Venture Exchange gained 5.76 points early Monday to 1,112.11
Nine of the 14 Toronto subgroups began the day higher. Consumer discretionaries and industrials shared the top spot, each gaining 0.7%, while telecoms accumulated 0.6%.
The five laggards were weighed mostly by gold issues, off 2.1%, information technology, sliding 1.8%, and materials, down 1.5%.
ON WALLSTREET
U.S. stocks followed world markets higher Monday after Cyprus and European Union negotiators reached a deal on a €10-billion bailout for the tiny island nation.
The Dow Jones Industrials strengthened 44.65 points to begin Monday at 14,556.70, a new intraday high.
The S&P 500 index was 6.98 points higher to 1,563.87. The tech-heavy NASDAQ Composite charged ahead 17.46 points to 3,262.46.
Aside from Cyprus, Dell shares popped more than 3%, after the PC maker said early Monday that it had received two competing bids to founder Michael Dell's buyout offer.
Both Carl Icahn's Icahn Enterprise, and Blackstone Group submitted separate buyout offers, which Dell said may turn out to be superior.
Shares of Apollo Group rallied more than 10%, after the company reported earnings that blew past estimates, even as enrollment at University of Phoenix declined nearly 16%.
BlackBerry continued to come under pressure, as investors saw slow sales of the new Z10, which made its U.S. debut. Goldman Sachs downgraded the smartphone maker.
Cyprus' new bailout program includes a deep restructuring of the country's banking sector, but will also protect deposits will less than €100,000, or about $13 billion U.S. A plan to tax all bank accounts, a key sticking point that had enraged Cypriots, was shelved.
Without a deal, the tiny state risked losing emergency funding from the European Central Bank as early as Tuesday. That would have meant financial collapse and almost certain exit from the euro-zone.
Prices on the 10-year U.S. Treasury sagged, lifting yields to 1.95% from Friday’s 1.91%. Treasury prices and yields move in opposite directions.
Oil prices gained 98 cents to $94.69 U.S. a barrel.
Gold prices fell $8.80 to $1,597.20 U.S. an ounce.
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