Stocks in Toronto confounded many of the experts and actually opened in the green Monday, amid international oil tensions.
The S&P/TSX composite index gained 41.72 points to start Monday at 15,043.33
The Canadian dollar was up 0.13 at 92.24 cents U.S.
In Canada, Dorel Industries Inc. says it's buying Hong-Kong-based Lerado Group, one of the largest manufacturers of infant and juvenile products in China, for $120 million U.S. The purchase will provide Dorel with its first company-owned factories in Asia. The acquisition includes four plants, three in China and one based in Taiwan. Dorel shares took on 49 cents to $40.66.
Sears Canada says it has an agreement to develop its property at the North Hill Shopping Centre in Calgary with the Concord Pacific Group of Companies. The development of its almost five-hectare site would include residential high-rises with the potential for some retail sites, while Sears says it will continue to operate its store at the North Hill Shopping Centre.
The agreement would see the sale of a 50% interest in the site to Concord for a value of about $15 million, and Concord would manage most of the development. Sears Canada shares gained 11 cents to $13.96.
Aveda Transportation and Energy Services says it's buying the U.S.-based rig moving assets of Precision Drilling Corp. for $24 million U.S. Aveda says the deal, expected to close of July 1, adds to its U.S. assets.
The company is acquiring rig moving equipment, trucks, trailers, loaders and cranes from Calgary-based Precision Drilling. Aveda shares jumped 35 cents, or 7.5% to $5.00, while Precision Drilling hesitated six cents to $15.15.
On the economic slate, Statistics Canada reported that investors offshore added $10.1 billion of Canadian securities to their holdings, marking the highest such acquisition in a year. Meanwhile, Canadian investment in foreign securities slowed to $2.5 billion.
Elsewhere, the Canadian Real Estate Association reported that national home sales rose 5.9% from April to May. Actual (not seasonally adjusted) activity stood 4.8% above May 2013 levels.
ON BAYSTREET
The TSX Venture Exchange recovered 3.95 points to 1,001.28
Nine of the 14 Toronto subgroups were positive soon after the day’s first trading hour, with information technology and energy stocks leading the pack, each up 0.5%, while industrials charged ahead 0.4%.
The five laggards were weighed by gold, dulling by 0.9%, while materials dropped 0.3%, and metals and mining drooped 0.2%.
ON WALLSTREET
U.S. stocks kicked off the new week on a slightly tentative note on Monday as traders worry violence in the Middle East could fuel a spike in energy prices.
The Dow Jones Industrials was ahead 15.51 points to open Monday at 16,791.25
The S&P 500 gained 4.48 points to 1,940.64, and the NASDAQ composite tacked on 10.37 points to 4,321.02
Medical device giant Medtronic unveiled a $42.9-billion U.S. takeover Irish rival Covidien. The deal is the latest "tax inversion" combination aimed at taking advantage of relatively low tax rates in some foreign countries by relocating corporate headquarters.
There were also a number of smaller deals flying around.
Level 3 Communications agreed to scoop up business ethernet provider TW Telecom for $5.7-billion U.S. in cash and stock.
Williams Cos. spiked 18% as investors cheered the energy company's $6 billion deal to take full control of Access Midstream Partners.
In the tech world, SanDisk inked a $1.21-billion U.S. buyout of smaller data-storage company Fusion-io, representing a 21% premium to its closing price on Friday.
Yahoo retreated 5% after Alibaba, the Chinese e-commerce giant it owns a chunk of, revealed new details of its planned initial public offering. The latest documents show Alibaba's revenue growth has slowed, though it was still up 39% year-over-year.
Shares of Goodyear Tire revved 3% higher after Barron's said the tire maker's stock could surge 50% within two years thanks to stronger demand.
Oil prices ticked above $107 U.S. a barrel amid concerns the fighting in Iraq could threaten the country's ability to export oil. Natural gas prices were mostly flat, but investors will continue to monitor for signs of higher energy costs to Western consumers and businesses.
Meanwhile, Russia said it has cut off supplies to Ukraine after negotiators failed to fix a payment dispute before a key deadline.
Manufacturing activity in the New York area gained momentum in June, a new report showed. The New York Fed's manufacturing index unexpectedly ticked up this month to 19.28 from 19.01.
Prices for 10-year U.S. Treasuries were unchanged Monday, keeping yields at Friday’s 2.60%.
Oil prices gained 12 cents to $107.03 U.S. a barrel.
Gold prices took on $1.60 at $1,275.70 U.S. an ounce.
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