The Canadian stock market started the week slightly higher after hitting a near six-year high on Friday.
The S&P/TSX composite index gained 33.21 points to begin the week at 14,872.11
The Canadian dollar grew 0.09 cents to 91.59 cents U.S.
The index reached its highest level in almost six years on Friday as investors cheered a bullish U.S. jobs report and shrugged off sluggish Canadian labour data.
On Monday, gold stocks were the most positive of the subgroups, with Continental Gold gained nine cents, or 2.9%, to $3.19. Barrick Gold climbed 12 cents, or 0.7%, to $17.64.
Next up on the ladder were industrials, with Ritchie Brothers Auctions vaulting $1.51, or 6%, to $26.75. Air Canada shares soared 32 cents, or 3.1%, to $10.79.
Health-care stocks were the worst off, with Catamaran Corp. losing 41 cents, or 0.8%, to $48.20.
On matters economic, Canadian housing starts picked up more than expected in May and the number for April was revised higher.
A report from the Canada Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts rose to 198,324 in May from an upwardly revised 196,687 units in April. That surpassed analysts’ expectations for a May reading of 185,000.
ON BAYSTREET
The TSX Venture Exchange gained 3.88 points to 991.33
All but three of the 14 Toronto subgroups were higher, gold leading the charge, 0.5% higher, while industrials and materials each moved 0.4% higher
The two laggards were in health-care, 0.6% less hale, and information technology, clicking 0.1% lower. Global base metals were flat in the first trading hour of the week.
ON WALLSTREET
U.S. stocks advanced on Monday, boosted by a number of major acquisition deals, though gains were slight with key indexes continuing to hover around records.
The Dow gained 16.48 points, to begin the week at 16,940.76, another all-time high.
The S&P 500 added 2.08 points to 1,951.52 – also a new peak for that index -- and the NASDAQ composite index took on 11.38 points, to 4,332.78
If the S&P 500 ends higher on Monday, that will mark its 11th rise of the past 13 sessions, and its seventh record close of the past eight trading days. While Wall Street's upward trend looks intact, traders may need new catalysts to bid the market up further lest the momentum runs out of steam.
Merck & Co agreed to buy Idenix Pharmaceuticals Inc in a deal valued at about $3.85 billion U.S., while Analog Devices Inc said it would buy Hittite Microwave in a deal valued at $2 billion U.S.
Separately, Tyson Foods Inc prevailed over Pilgrim's Pride Corp in a bidding war over Hillshire Brands Co offering to buy the company for $8.55 billion U.S. including debt.
Shares of Idenix more than tripled, jumping 231% to $23.95 U.S. on heavy volume, while Hittite gained 28% to $77.75 U.S.; Hillshire rose 4.8% to $61.76 U.S. Merck dipped 0.8% to $57.40 U.S. while Analog was up 6.1% at $55.93 U.S. and Tyson fell 2.6% to $39.08 U.S.
Apple was the NASDAQ most active name, rising 0.2% to $92.40 U.S. in heavy volume in the tech titan's first session after a seven-for-one stock split. Separately, the Nikkei on Friday reported that Apple was preparing to sell its first wearable device in October, aiming to produce three million to five million smartwatches a month in its initial run.
Family Dollar Stores Inc jumped 16% to $70.25 U.S. as the S&P's biggest percentage gainer after hedge fund billionaire Carl Icahn late Friday reported a 9.3% stake in the company, making him the discount retailer's largest shareholder. Dollar General Corp. surged 11% to $64.23.
Prices for 10-year U.S. Treasuries dropped, raising yields to 2.62% from Friday’s 2.60%. Treasury prices and yields move in opposite directions
Oil prices up $1.21 to $103.87 U.S. a barrel.
Gold prices poked up $1.90 at $1,254.40 U.S. an ounce.
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