The Toronto stock market advanced Monday as a solid U.S. jobs report released at the end of last week continued to encourage buyers.
The S&P/TSX composite index gained 9.59 points – off its highs of the morning -- to pause for noon hour at 14,799.37
The Canadian dollar gained 0.60 cents at 89.48 cents U.S.
Quebecor is selling Sun Media Corp.'s English-language operations to Postmedia Network Canada Corp. for $316 million. The deal includes 175 newspapers and publications, including the Sun chain of daily newspapers.
Quebecor shares rose 25 cents to $28.89 as Desjardins Securities upgraded the stock to a buy rating with a price target of $29 while Postmedia shares jumped 25 cents to $2.50.
In other corporate developments, Air Canada flights had fewer empty seats last month as the airline reported a load factor of 84.7% for September, up from 83.2% a year ago.
Air Canada also said it has reached a tentative agreement with the union representing its pilots for a new 10-year contract and its shares ran ahead 32 cents to $8.19.
Metals stock heightened, most notably Sabina Gold and Silver, up three cents, or 5.9%, to 54 cents.
Health-care stocks brought up the rear, with Catamaran Corporation off $1.04, or 2.2%, to $46.82.
Western University’s Ivey PMI data for September came in at 58.6, compared to 50.9 in August, and 51.9 in September 2013.
The PMI shows responses to whether purchasing managers spent more, less, or the same than the month before. A figure above 50 shows an increase while below 50 shows a decrease.
ON BAYSTREET
The TSX Venture Exchange slipped 10.34 points to 872.48.
Eight of the 14 Toronto subgroups were higher midday, led by global base metals, hiking 1.9%, while materials and gold each climbed 0.6%.
The half-dozen laggards were weighed mostly by health-care issues, sliding 1.1%, while industrials and energy stocks each sank 0.5%.
ON WALLSTREET
The U.S. stock market turned negative on Monday as key benchmarks relinquished early morning gains.
The Dow Jones Industrials faded 31.46 points to 16,978.23.
The S&P 500 stumbled 3.70 points to 1,964.20. The NASDAQ index dumped 18.39 points to 4,447.23.
Small-cap and tech stocks led the losses. In the absence of economic news, the markets, led mostly by computer-driven trading, may signal that stock values remain elevated and may need to retreat before pushing higher.
Hewlett-Packard shares climbed 4.3% as the company said it plans to split into two, separating its personal-computer and printer businesses from its corporate hardware and services operations.
Medical technology company Becton, Dickinson has reached a deal to buy CareFusion for $12.2 billion U.S. in cash and stock. CareFusion shares rallied 23%.
Tesla Motors is set to unveil its Model 3 mass-market car and new versions of its Model S sedan at an event on Thursday, according to a Global Equities Research analyst.Tesla shares were up 1.9%.
H&R Block shares fell 4.9% after the tax services company said regulatory approval for the sale of H&R Block Bank won’t be completed in the current year.
Sunesis Pharmaceuticals sank 70% after the company said a late-stage trial of a cancer treatment failed to meet its primary goals.
Prices for 10-year U.S. Treasuries eked up, lowering yields to 2.42% from Friday’s 2.45%. Treasury prices and yields move in opposite directions.
Oil prices dipped 36 cents to $89.38 U.S. a barrel.
Gold prices gained $9.40 to $1,202.30 U.S. an ounce.
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