The Toronto stock market reached noon higher Monday amid news that Canadian building permits were up for the third consecutive month in March.
The S&P/TSX composite index was ahead 32.84 points at 12,470.87
The Canadian dollar inched up 0.03 of a cent at 99.27 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. Its shares were up 29 cents to $49.88.
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.
Other strong performers were found in the health-care field, which led gainers Monday morning, particularly Catamaran Corp., up 1% to $53.36. Among metals stocks – also in the green – Sherritt International hiked 2.2% to $4.75 a share.
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 (PMI) by the end of April 2013 stood at 52.2, compared to 52.7 in April 2012. A figure above 50 shows an increase while below 50 shows a decrease.
No other major economic news is scheduled for the week, except for the latest Canadian job numbers which come out Friday.
Consensus expectations suggest the economy added about 11,000 jobs in April.
ON BAYSTREET
The TSX Venture Exchange gained 4.38 points Monday to 969.06
All but two of the 14 Toronto subgroups were up by midday, led by health-care stocks, up 0.7%, while metals and mining and industrials stocks each jumped 0.6%.
The two laggards were consumer staples, down 0.4%, and consumer discretionary issues, off 0.2%.
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 regained 5.26 points, to break for lunch Monday at 14,979.20
The S&P 500 index moved higher 2.86 to 1,617.28, while the NASDAQ Composite gained 13.52 points to 3,392.15
Tyson Foods missed profit and revenue forecasts, citing a slowdown in chicken and beef sales following last year's historic drought.
Private equity firm Apollo Global Management reported an increase in revenue and net income.
After Friday's close, Warren Buffett's Berkshire Hathaway reported first-quarter earnings that blew past expectations, sending shares up in after-hours trading.
Prices on the 10-year U.S. Treasury lost ground, raising yields to 1.76% from Friday’s 1.75%. Treasury prices and yields move in opposite directions
Oil prices recaptured 31 cents to $95.92 U.S. a barrel.
Gold prices moved higher by $4.60 at $1,468.80 U.S. an ounce
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