The Toronto stock market was higher Monday as the gold and materials sectors gained traction and shares of BlackBerry got a pop after the company launched a strategic alternatives plan.
The S&P/TSX composite index progressed 52.14 points to finish Monday at 12,594.27
The Canadian dollar dipped 0.03 cents to 97.06 cents U.S.
Shares of BlackBerry rose 10.8% as the struggling Waterloo, Ont.-based smartphone marker said it's weighing its options and has brought in a committee to assess strategic alternatives, which could include a sale or a joint venture.
The announcement comes amid unconfirmed reports that the company may go private -- a move that could result in one or more investors buying out other shareholders and delisting the stock.
Its shares gained $1.08 to $11.13, pushing the TSX info tech sector up. The company's share price hit an intraday high of $10.88, still well below its 52-week record of $18.49.
In other developments, rewards point operator Aimia Inc. has selected TD Bank Group as the new primary credit card issuer for Aeroplan. The company says talks regarding a side deal with its longtime partner CIBC are ongoing.
Aimia shares gained 63 cents or 4.1% to $15.93 while TD fell 25 cents to $86.41. CIBC was $1.56 higher to $78.47.
Dollarama Inc. says its chief operating officer is leaving the company to become president and CEO of a California-based discount retailer, called 99-cents Only Stores. Chief operating officer Stephane Gonthier will remain with the Montreal-based company for a time to ensure a smooth transition.
The company's shares were down almost $1.84, or 2.4%, to $75.99.
ON BAYSTREET
The TSX Venture Exchange gained 5.77 points to 925.86
Of the 14 Toronto subgroups, eight were weaker on the day. Health-care issues were down 1.3%, energy stocks were down 0.7%, while telecoms slid 0.4%.
The half-dozen gainers were led by gold, up 5.1%, materials, up 4.1% and the metals and mining group, stronger by 2.3%.
ON WALLSTREET
U.S. stocks bounced around the breakeven line Monday before ending mixed.
The Dow Jones Industrial Average slid 5.83 points to 15,419.70, off its lows of the day.
The S&P 500 index was negative 1.90 points to 1,689.52. The NASDAQ was positive 9.84 points to 3,669.95.
BlackBerry shares surged after the company said it will begin exploring 'strategic alternatives,' including selling the company. Once a dominant player in the smartphone market, BlackBerry has struggled recently against competitors like Apple and Samsung.
Investors are also keeping an eye on J.C. Penney after activist investor Bill Ackman urged the company to replace interim CEO Mike Ullman as soon as possible. The struggling retailer fought back, calling Ackman's public comments inaccurate.
George Soros, who owns a 7.9% stake, is reportedly backing J.C. Penney and its board, according to Bloomberg.
Dole Food Company shares jumped after it approved a plan by CEO David Murdock to take the company private for $13.50 U.S. a share.
Apple shares rose after the International Trade Commission on Friday banned Samsung from importing or selling several devices that it said infringe on Apple patents.
Tesla shares dropped after Lazard Capital downgraded the stock and as investors await Elon Musk's Hyperloop design announcement. The electric car maker's stock is up more than 325% this year.
OpenTable, which allows users to make restaurant reservations online, rallied on news that it will expand its partnership with Facebook. Users can now book tables on their mobile device via the restaurant's Facebook page.
Prices for the 10-year U.S. Treasury sagged a bit, raising yields to 2.60% from Friday’s 2.58%. Treasury prices and yields move in opposite directions.
Oil prices improved 17 cents to $106.14 U.S. a barrel.
Gold prices gained $23.30 to $1,335.50 U.S. an ounce.
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