Stocks in Canada’s biggest centre edged higher on Monday, as stronger energy stocks on the back of higher crude prices offset declines in other key sectors.
The S&P/TSX composite index advanced 46.15 points to open a new week at 15,434.58
The Canadian dollar dipped 0.04 cents to 79.47 cents U.S.
Among energy plays, Legacy Oil & Gas acquired eight cents, or 3.8%, to $2.06.
Gold producers Alamos Gold and AuRico Gold said they would merge in a deal valued at about $1.5 billion. Alamos shares galloped ahead 69 cents, or 9.3%, to $8.10, while AuRico shares took on 37 cents, or 9.7%, to $4.15.
Bombardier is exploring a possible sale of all or part of its railway business, which bankers value at up to $5 billion, among options to pay for huge cost overruns in its aircraft business. Bombardier shares advanced a penny to $2.65.
CIBC cut the price target on Sirius XM Canada Holdings to $7.50 from $8.00. Sirius shares moved higher 11 cents, or 1.8%, to $6.14
RBC raised the rating on West Fraser Timber Co. to outperform from sector perform. West Fraser grew $2.58, or 4.2%, to $64.14.
ON BAYSTREET
The TSX Venture Exchange lost 1.17 points to 698.71
All but four of the 14 Toronto subgroups were higher in the first hour, as energy, information technology and consumer staples each soared 0.5%.
The four laggards were weighed by metals and mining, sliding 1.8%, global base metals, down 1%, and real-estate, off 0.1%.
ON WALLSTREET
U.S. stocks traded higher on Monday, shaking off a mostly lower open, as investors awaited the beginning of earnings season.
The Dow Jones Industrials grew 34.80 points to 18,092.45, with UnitedHealth and Apple leading advancers and General Electric and Caterpillar the greatest laggards.
The S&P 500 index added 3.52 points to 2,105.58, with information technology leading six sectors higher and utilities the greatest laggard.
The NASDAQ index moved higher 22.38 points to 5,018.35
First quarter earnings season officially kicks off on Tuesday with blue chips JPMorgan reporting before the bell and Intel after the close.
In U.S. corporate news, Sears struck a 50/50 joint venture deal withSimon Property, designed to unlock the real estate value in the 10 properties it will contribute to the venture. The news follows a similar deal with another mall operator, General Growth Properties, earlier this month.
Apple Watch customers will have to wait longer than expected for delivery, with Apple having pushed back shipping times to May and June after the new product saw a surge in orders. A Bank of America report estimates Apple will ship about four million Apple Watches during the June quarter.
Pandora gained after a Wall Street Journal report said rival Spotify was near a deal to raise $400 million U.S. in a round that values it at $8.4 billion U.S.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 1.94% from Friday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices gained 89 cents to $52.53 U.S.
Gold prices dipped $2.70 to $1,201.90 U.S.
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