The Toronto stock market was slightly higher amid data from China that pointed to a sluggish manufacturing sector in the world's second-largest economy.
The S&P/TSX composite index was positive 30.79 points to greet noon at 13,426.19
The Canadian dollar fell 0.08 at 94.06 cents U.S. early Monday
Overnight, HSBC reported its purchasing managers' index slipped to 50.8 from 50.9 in October. Typically, numbers above 50 indicate an expansion.
In corporate news, Talisman Energy Inc. says two representatives of activist investor Carl Icahn will join its board.
One of Icahn's representatives will sit on the board committee searching for a successor to Hal Kvisle, who plans to step down as Talisman's president and chief executive next year. Icahn revealed through regulatory documents in October that he had acquired about 6% of Talisman's stock, and has now increased his holdings to about 7%.
Last month, Talisman announced it would sell 75% of its assets in northeastern B.C.'s Montney formation to Progress Energy Canada Ltd., a subsidiary of Malaysia's Petronas, for $1.5 billion. Shares rose nearly 4% or 43 cents to $12.86 on the Toronto Stock Exchange.
Commodities were mixed as December copper fell a penny to $3.20 U.S. a pound.
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 7.41 points to 927.48
Eight of the 14 TSX subgroups were positive, led by consumer staple stocks, up 1.2%, energy, up 1.1%, and industrials, up 0.9%.
The six laggards were weighed by gold, down 3.2%, materials and the metals and mining group, each falling 1.9%.
ON WALLSTREET
Stocks were flat Monday as some investors may be worrying about retailers and the broader economy following a lackluster Black Friday.
The Dow Jones Industrials inched up 3.65 points to 16,090.10
The S&P 500 index gained 2.40 points to 1,808.21. The NASDAQ shed 0.83 points to 4,059.05
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, Coach and Urban Outfitters were lower.
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.
Amazon made headlines after CEO Jeff Bezos said the company is exploring a drone-based delivery system for some shipments. The plan is in the early stages and faces regulatory hurdles
Shares of eBay were lifted by hopes the online auction company will benefit as consumers look for bargains this holiday season.
In economic news, the Institute for Supply Management said its manufacturing index rose 0.9% in November, the sixth month in a row of growth in the sector. The report points to fourth-quarter economic growth of 3.5%, according to some experts.
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 2.81% from Friday’s 2.74%. Treasury prices and yields move in opposite directions.
Oil prices were up 90 cents to $93.62 U.S. a barrel.
Gold prices fell $23.30 to $1,227.10 U.S. an ounce.
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