The Toronto stock market enjoyed some gains Monday morning, after finishing last week on a high note following a report that found the U.S. economy showing surprising signs of improvement on the jobs front.
The S&P/TSX composite index was ahead 30.49 points higher at 12,468.52 to begin trading Monday
The Canadian dollar dipped 0.12 of a cent at 99.11 cents U.S.
In major corporate news, private equity firm Onex Corp. says it will pay $950 million U.S. in cash to acquire business-to-business trade show operator Nielsen Expositions. The purchase, from an affiliate of Nielsen Holdings N.V. is expected to close in the second quarter.
Based in San Juan Capistrano, Calif., Nielsen Expositions, with about 240 employees, produces more than 65 business-to-business trade shows and conference events each year. Shares in Onex Corp. picked up 35 cents to $49.95.
On the economic slate, Statistics Canada reported that contractors took out building permits worth $6.5 billion in March, up 8.6% from February and the third consecutive monthly advance. The March increase came mostly from the non-residential sector in Ontario and Alberta.
The Ivey Purchasing Managers’ index for April was due out later this morning.
ON BAYSTREET
The TSX Venture Exchange gained 4.04 points Monday to 964.68
Eight of the 14 Toronto subgroups were up in the trading day’s first hour, led by health-care, haler by 0.9%, while industrials and information technology sprinted ahead 0.5% each.
The half-dozen laggards were weighed mostly by consumer staples, down 0.5%, while metals and mining and their cousins in global base metals tailed off 0.3% each.
ON WALLSTREET
Investors are wondering how much further the bull market can run after the S&P 500 and the Dow Jones industrial average closed at record highs last week.
The Dow Jones Industrials doffed 11.64 points, to begin Monday trading at 14,962.30
The S&P 500 index nosed higher 0.34 to 1,614.76, while the NASDAQ Composite gained 9.36 points to 3,388.
Shares of Apple rose almost 2% Monday, making the stock the biggest gainer in the NASDAQ. Apple was in favour after Barclays raised its share price target to $525 from $465 U.S. Shares are now up almost 20% from their 18-month low hit last month.
Tyson Food missed profit and revenue forecasts, citing a slowdown in chicken and beef sales following last year's historic drought.
In other earnings news, private equity firm Apollo Global Management reported an increase in revenue and net income, sending shares up 3%.
Warren Buffett's Berkshire Hathaway reported first-quarter earnings that blew past expectations. Shares gained more than 2% early Monday.
Prices on the 10-year U.S. Treasury gained some ground, dropping yields to 1.74% from Friday’s 1.75%. Treasury prices and yields move in opposite directions
Oil prices shed 26 cents to $95.35 U.S. a barrel.
Gold prices moved higher by $7.90 at $1,472.10 U.S. an ounce
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