The Toronto stock market stubbed its toes at Monday’s opening, with little data for investors to digest apart from building permits.
The S&P/TSX composite index dipped 34.17 points to begin Monday at 15,535.75
The Canadian dollar fell 0.29 cents to 91.62 cents U.S.
Bombardier resumed test flights for its much-delayed CSeries jet on Sunday, the first such flight after tests were halted in May following an on-ground engine failure. Bombardier shares took flight four cents to $3.67.
Athabasca Oil increased its capital budget for the year and said its chief executive of seven years would retire on Sept. 30. Athabasca shares dipped two cents to $7.34.
Goldman Sachs upped the price target on Canadian Pacific Railway to $245 from $222. CP shares hiked $1.88 to $227.22.
National Bank Financial raised the price target on Empire Co to $78 from $75. Empire shares fell four cents to $75.72.
On the economic front, Statistics Canada reported that Canadian municipalities issued building permits worth $9.2 billion dollars in July, up 11.8% from June and the fourth consecutive monthly advance.
The increase in July was mainly attributable to higher construction intentions for multi-family dwellings in Ontario and British Columbia as well as institutional buildings in Manitoba.
ON BAYSTREET
The TSX Venture Exchange dropped 03.97points to 990.92.
Eight of the 14 Toronto subgroups were higher with industrials up 0.7%, health-care better by 0.6%, and information technology stocks up 0.5%.
The half-dozen laggards were weighed by gold, down 1.7%, while energy and materials were each down 1%
ON WALLSTREET
The U.S. stock market opened lower on Monday as recent peaks on the main benchmark and a lack of economic data contributed to cautiousness among global stock investors.
The Dow Jones Industrials dipped 3.46 points to 17,133.90
The S&P 500 was in the red 2.84 points to 2,004.84. The NASDAQ gained 12.15 points to 4,595.04.
Monday lived up to its Merger Monday title with a few deals were grabbing attention. On the economic news front, consumer-credit data for July is due at 3 p.m. Eastern Time, but otherwise the data calendar remains largely quiet until Friday’s report on retail sales.
Multimedia Games shares surged 29% after the electronic gaming company announced a $1.2 billion deal to be acquired by Global Cash Access Holdings Inc.
Meanwhile, GE is selling its appliances unit for $3.3 billion U.S. to Sweden’s Electrolux. GE has been trying to exit its century-old appliance business for several years. GE shares were little changed.
Shares in Boeing Company rose 1.6% after the aircraft maker confirmed an order to provide 100 of its 737 MAX airplanes to Ryanair.
Yahoo! Inc. shares were up 2.8% as China’s largest e-commerce Alibaba Group said it would seek $66 U.S. per share, hoping to raise $24.3 billion U.S. in an IPO. Yahoo own 24% of Alibaba.
Campbell Soup Co. shares fell 2.3% after the maker of soups posted a disappointing profit outlook.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.44% from Friday’s 2.46%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.34 to $91.95 U.S. a barrel.
Gold prices slid $10.80 to $1,256.50 U.S. an ounce.
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