Toronto stocks enjoyed a higher open on Monday
The S&P/TSX composite index was positive 27.66 points to start Monday at 13,423.06
The Canadian dollar fell 0.05 at 94.09 cents U.S. early Monday
TransCanada Corp. CEO Russ Girling said on Friday the company has had to renegotiate expiration dates for shipping contracts on its Keystone XL crude oil pipeline at least three times due to delays getting approval to build the pipeline. TransCanada shares were unchanged at $46.85.
National Bank Financial cut the rating on Atrium Innovations to sector perform from outperform as the company announced an agreement to be acquired by private equity firm Permira for $24 a share in cash. Atrium shares dipped half a cent to $24.26.
CIBC raised the target price on Superior Plus to $14 from $12 as it presented its Destination 2015 strategy that aims to transform the company into the best in class by 2015. Superior shares gained 11 cents to $11.26.
On the economic front, RBC released its Canadian Manufacturing Purchasing Managers Index for November. The figure registered at 55.3, slightly lower than the 55.6 recorded in October. Any reading above 50 indicating improving business conditions in the manufacturing sector.
ON BAYSTREET
The TSX Venture Exchange dipped 2.30 points to 932.59
Nine of the 14 TSX subgroups were positive, led by energy, up 0.8%, while consumer discretionary and consumer staple stocks gained 0.6% each.
The five laggards were weighed by gold, down 2.3%, materials, off 1.2%, and the metals and mining group fell 0.5%.
ON WALLSTREET
Stocks were little changed early Monday, but some investors may be worrying about retailers following a lackluster Black Friday.
The Dow Jones Industrials sank 24.79 points to 16,061.60
The S&P 500 index gained 0.40 points to 1,806.21. The NASDAQ shed 3.67 points to 4,056.21
The National Retail Federation reported that shoppers spent an average of 4% less over the holiday weekend, the first decline in spending since 2009. Shares of J.C. Penney were lower, while Wal-Mart and Target shares were down slightly.
Given the underwhelming Black Friday sales, investors will be watching Cyber Monday shopping figures for further clues about the health of the U.S. consumer. Shares of Amazon and eBay gained in early trading.
This morning, the U.S. Census Bureau will release data on construction spending, while the Institute for Supply Management will release its monthly manufacturing index .
The November jobs report is due Friday and that could give investors a better sense of how much longer the Federal Reserve will maintain its massive stimulus program at current levels.
Other reports this week include auto sales, the second estimate of third quarter GDP and weekly jobless claims.
Prices for 10-year U.S. Treasuries sagged, raising yields to 2.80% from Friday’s 2.74%. Treasury prices and yields move in opposite directions.
Oil prices were up 44 cents to $93.16 U.S. a barrel.
Gold prices fell $16.40 to $1,234 U.S. an ounce.
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