Canada's main stock index barely held onto gains to advance for a third straight session on Monday, led by stronger financial shares and by gains in resource companies after some commodity prices rose.
The S&P/TSX composite index ended up 15.89 points at 12,453.92, off its highs of the day.
The Canadian dollar inched up 0.09 of a cent at 99.32 cents U.S.
A jump in Penn West Petroleum Ltd also supported the market after the oil and gas producer named two industry veterans to its board.
Penn West jumped 46 cents, or 4.8%, to $9.97, after the company named former Suncor Energy Inc CEO Rick George and former Canadian Natural Resources Ltd Chairman Allan Markin to its board.
Shares of private equity firm Onex Corp were up after it said it would buy market research company Nielsen Holdings NV's expositions business for $950 million in cash. Onex shares climbed 17 cents, or 0.3% to $49.77.
Among industrials, Bombardier rode higher 2.3% to $4.18. In the metals sector – the next highest among the advancers – Thompson Creek Metals jumped 2.9% to $3.15, and Major Drilling Group increased 3.3% in price to $7.94.
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 2.70 points Monday to 967.38
All but three of the 14 Toronto subgroups were up on the day, led by industrials, moving up 0.7%, while global base metals and their cousins in the metals and mining sector took on 0.6% each.
The three laggards proved to be consumer staples, sliding 0.8%, consumer discretionaries, down 0.2%, and telecoms, off 0.1%.
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 backtracked 5.07 points, to close out Monday at 14,968.90
The S&P 500 index moved higher 2.42 to 1,616.84 – an all-time high close -- while the NASDAQ Composite gained 14.34 points to 3,392.97
Shares of Apple were on the rise Monday, making the stock among the biggest gainers in the NASDAQ 100. 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.
Shares of Cliffs Natural Resources rallied after FBR boosted the stock's rating to outperform.
Tyson Foods missed profit and revenue forecasts, citing a slowdown in chicken and beef sales following last year's historic drought. Shares declined sharply.
In other earnings news, private equity firm Apollo Global Management reported an increase in revenue and net income, sending shares up 2%.
Warren Buffett's Berkshire Hathaway reported first-quarter earnings that blew past expectations. Shares gained ground.
Prices on the 10-year U.S. Treasury lost ground, raising yields to 1.77% from Friday’s 1.75%. Treasury prices and yields move in opposite directions
Oil prices recaptured 11 cents to $95.72 U.S. a barrel.
Gold prices moved higher by $4.60 at $1,468.80 U.S. an ounce
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