Stocks had some difficulty finding traction on Tuesday, but made their way into positive ground within the first hour of trading
The S&P/TSX composite index gained 6.21 points to open at 14,716.01
The Canadian dollar inched higher 0.14 cents to 88.01 cents U.S.
Trading in Toronto is expected to be thin, with bond markets closed in observance of Remembrance Day.
Iamgold said on Monday it is shrinking its executive team by 40% and taking other cost-cutting steps as the mid-sized gold miner and its peers reel from a 40% slump in the price of bullion over the past three years. Iamgold shares acquired five cents each to $2.16.
Global mining companies stung by slumping commodity prices are looking forward to a modest consolation prize - weaker local currencies and falling oil prices that will help trim their costs.
Imperial Oil said on Monday it has shut its 110,000-barrel-per-day Kearl oil sands mine in northern Alberta for several weeks after detecting what it called a "vibration issue" in the facility's ore-crushing unit. Imperial shares dumped 59 cents, or 1.1%, to $53.53.
Canaccord Genuity cut the target price on Aecon Group to $20 from $23, with a buy rating. Aecon Group shares plummeted $1.50, or 10.4%, to $12.90.
ON BAYSTREET
The TSX Venture Exchange nicked up 0.12 points to 765.62.
Nine of the 14 Toronto subgroups were lower at the outset, with information technology descending 0.8%, while real-estate dipped 0.3% and health-care issues were down 0.2%.
Five laggards were led by gold, shining 3.5% brighter, while materials were 1.8%, and telecoms boosted 0.4%.
ON WALLSTREET
U.S. stocks slipped on Tuesday, with the energy sector leading the retreat after Wall Street's record-breaking advance.
The Dow Jones Industrials slipped 2.33 points to 17,611.41
The S&P 500 eked up 0.23 points to 2,038.49. The NASDAQ index dropped 5.78 points to 4,645.84.
D.R. Horton fell in early New York trading after the homebuilder reported better-than-expected quarterly revenue but fell short on earnings.
Insys Therapeutics gained after the specialty drug developer reported quarterly results.
Caesars Entertainment Group dropped as the casino operator reported third-quarter losses increased, and Zynga rose after Jefferies Group upgraded the social-gaming company to buy from hold.
As noted, bond markets are closed in honour of Veteran’s Day.
Oil prices dropped six cents to $77.34 U.S. a barrel.
Gold prices moved lower $4.50 to $1,155.30 U.S. an ounce.
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