Equities in Toronto opened slightly higher on Monday as expectations the U.S. Federal Reserve would continue with its loose monetary policy this week buoyed investor sentiment.
The S&P/TSX composite index nicked higher by 4.34 to begin the week at 13,403.77
The Canadian dollar gained 0.06 cents to 95.76 cents U.S.
CIBC raised the rating on Agnico Eagle Mines to sector outperform from sector perform as the company delivered cost improvements across its operations the in third quarter, achieving substantially better costs than previously assumed. Agnico shares nicked up two cents to $32.26
CIBC raised the price target on Altagas Ltd. to $41 from $39.50 after the company announced it will increase its ownership of Petrogas Energy Corp from 25% to 33%. Altagas shares gained 29 cents to $38.61.
National Bank Financial raised the rating on Capital Power Corp. to outperform from sector perform following the company's better-than-expected third-quarter results. Capital shares hiked 33 cents to $21.09.
Canaccord Genuity cut the rating on Postmedia Network Canada to sell from hold as the company's fourth-quarter results were below expectations. The news sent Postmedia shares were unchanged at 87 cents.
ON BAYSTREET
The TSX Venture Exchange dipped 2.89 points to 970.69
Eight of the 14 Toronto subgroups were negative to start the session, led by energy, down 0.6%, while real-estate and global base metals each lost 0.2%.
The half-dozen gainers were led by consumer staples, financials and gold, each up 0.3%.
ON WALLSTREET
Investors were reluctant to push stocks higher early Monday, after the S&P 500 hit a series of record highs last week.
The Dow Jones Industrials improved 61.07 points to open Monday at 15,570.30
The S&P 500 index added 7.70 points to 1,759.77. The NASDAQ took on 14.40 points to 3,943.36.
Investors have been pleased by the latest batch of corporate earnings -- even though profit growth has been sluggish. About half of the companies in the S&P 500 have reported their third quarter results. So far, overall earnings have increased 2.3%, according to FactSet.
Shares of Merck fell after the drugmaker reported sales that missed forecasts.
Burger King surged after the fast food chain reported earnings and revenue that topped forecasts. Apple and Herbalife are due to report in the afternoon.
Apple is expected to report earnings of $7.96 U.S. per share, down 8% from last year, according to a survey of analysts by Thomson Reuters. Earnings for the iPhone and iPad maker have declined for three quarters in a row.
Stocks have also found recent support on hopes of continued stimulus from the Federal Reserve.
The Fed has a policy meeting this week and is widely expected to say it will continue buying $85 billion U.S. in bonds and mortgage-backed securities a month. This unprecedented liquidity has buoyed equity markets around the world.
On the economic front Monday, the Fed said industrial production increased 0.6% in September, following a 0.4% rise in August. Still to come, the National Association of Realtors publishes its monthly report on pending home sales.
Prices for the 10-year U.S. Treasury lost ground, raising yields to 2.51% from Friday’s 2.50%. Treasury prices and yields move in opposite directions.
Oil prices fell 14 cents to $97.71 U.S. a barrel.
Gold prices dropped $2.50 to $1,350 U.S. an ounce.
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