Rising gold stocks helped push the Toronto stock market slightly higher as traders consolidate last week's modest gain.
The S&P/TSX composite index pointed up 6.51 points to greet noon at 13,793.01
The Canadian dollar docked 0.09 cents to 90.51 cents U.S.
The TSX gold sector advanced while Kinross Gold hiked 5.3% to $5.62 and Barrick Gold jumped 2.2% to $21.34
The energy sector lost ground, even though Imperial Oil gained 32 cents to $46.21.
The base metals sector also eased with March copper unchanged at $3.24 U.S. a pound.
On the corporate front, International Forest Products Ltd. shares jumped 10.5% to $16.79 as the Vancouver-based company moved to acquire a Georgia lumber business in a $180-million U.S. deal with Ilim Timber Continental SA.
Interfor says says the acquisition of Ilim's Tolleson lumber business will make it one of the top five lumber producers in North America.
HudBay Minerals Inc. is out to acquire all the shares of Augusta Resources Corp. that it doesn't already own in a cash and stock deal worth about $540 million.
August's prime asset is its Rosemont copper deposit in Arizona. HudBay is offering $2.96 a share but Augusta is advising shareholders against acting until its board meets this week and makes its recommendation. HudBay fell 47 cents to $8.93 while Augusta shares rocketed 29.5% to $3.25.
On matters economic, figures released by Canada Mortgage and Housing Corporation revealed that housing starts slowed in January compared with the previous month.
The agency estimates there were 11,737 actual starts in January and that is extrapolated out to a seasonally-adjusted annual rate of 180,248, down from 187,144 in December.
ON BAYSTREET
The TSX Venture Exchange added 2.71 points to 964.81
Eight of the 14 Toronto subgroups were down at lunch hour, as energy, utilities and the metals and mining each faded 0.5%.
The half-dozen gainers were led by gold, up 3.3%, materials, up 1.8%, and health-care, up 0.6%.
ON WALLSTREET
Stocks were little changed early Monday ahead of testimony from the new U.S. Federal Reserve chair later this week.
The Dow Jones Industrial Average dropped 21.53 points to 15,772.55.
The S&P 500 index lost 0.83 points to 1,796.19. The NASDAQ added 13.65 points to 4,139.51.
Shares of Apple rose after hedge fund manager Carl Icahn dropped a potential proxy fight with the iPhone maker regarding its share repurchase program.
Icahn has been pushing Apple to use its cash to buy back more of its own stock.
But Icahn said in a letter to Apple shareholders Monday that he now sees no reason to pursue a fight with Apple in light of the company's recent "opportunistic" and "aggressive" share purchases.
Tesla shares rose to an all-time high on reports the Chinese government is extending subsides for electronic cars. Kandi Technologies, a Chinese electric car maker that trades on the NASDAQ, rose nearly 9%.
Toy maker Hasbro missed on earnings expectations but the company increased its dividend. Shares rose in early trading. The reaction to Hasbro's results was a big contrast to how investors treated rival Mattel after it reported weak holiday sales last month. Mattel plunged on that news.
Yelp shares soared on reports the online review site will partner with Yahoo! to incorporate reviews in Yahoo's search engine's results.
Investors may be reluctant to make any big moves before Tuesday's Congressional testimony by Fed Chair Janet Yellen. This will be Yellen's first time testifying since taking control of the central bank this month.
Investors will be watching to see if she sheds any light on plans to further taper, or slow down, the Fed's stimulus program.
Prices for 10-year U.S. Treasuries were up slightly, dropping yields to 2.67% from Friday’s 2.68%. Treasury prices and yields move in opposite directions.
Oil prices eked up 43 cents to $100.31 U.S. a barrel.
Gold prices rose $12.40 to $1,275.30 U.S. an ounce.
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