The Toronto stock market was little changed Monday while traders looked for direction following volatile trading last week.
The S&P/TSX composite index pointed up 7.68 points to end the day at 13,794.18
The Canadian dollar docked 0.14 cents to 90.46 cents U.S.
The TSX gold sector ran ahead as Yamana Gold shares climbed 66 cents, or 6.5%, to $10.77 as it said it expects its combined gold and silver output this year will be 16% above 2013's level, while its cash costs per ounce remain relatively stable.
The base metals sector was up with March copper down one cent at $3.22 U.S. a pound. Teck Resources shares gained eight cents to $27.40.
The energy sector lost ground as Imperial Oil docked eight cents to $45.81, and Suncor dipped 14 cents to $36.12
On the corporate front, International Forest Products Ltd. shares jumped $1.70, or 11.2%, to $16.90 as the Vancouver-based company moved to acquire a Georgia lumber business in a $180-million U.S. deal with Ilim Timber Continental SA.
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. HudBay fell 55 cents, or 5.9%, to $8.85 while Augusta shares rocketed 73 cents, or 29.1%, to $3.24.
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 5.31 points to 967.41
Seven of the 14 Toronto subgroups were down on the day, as energy lost 0.7% of its strength, consumer discretionary backpedaled 0.5%, and consumer staples slid 0.3%.
The half-dozen gainers were led by gold, up 3.1%, materials, up 1.6%, and health-care, up 0.5%. Global base metal stocks ended the day unchanged.
ON WALLSTREET
Stocks tiptoed higher Monday as investors await testimony from the new U.S. Federal Reserve chair.
The Dow Jones Industrial Average recovered 7.71 points to 15,801.79.
The S&P 500 index nicked up 2.82 points to 1,799.84. The NASDAQ added 22.31 points to 4,148.17.
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.
Apple's strength came amid weakness in Google shares, which have been on a tear recently. Google was flat Monday, but the stock has gained more than 30% in the past six months.
Tesla shares rose to an all-time high after the Chinese government announced plans to extend subsides for electric cars. Investors are also gearing up for Tesla's next earnings report later this month. Some traders believe the stock will continue moving higher in the near term.
The news of the extended subsides, which are part of China's effort to curb pollution, also lifted shares of Chinese electric car maker Kandi Technologies. The stock, which trades on the NASDAQ, was up more than 8%.
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 rose on reports the online review site will partner with Yahoo to incorporate reviews in Yahoo's search engine's results.
Investors proved reluctant to make any big moves before Tuesday's Congressional testimony by 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 unchanged Monday, keeping yields at Friday’s 2.68%.
Oil prices eked up 22 cents to $100.09 U.S. a barrel.
Gold prices rose $11.30 to $1,274.20 U.S. an ounce.
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