Stocks in Toronto made their way upward early Monday, but gains were limited by another sell-off in global commodities.
The S&P/TSX composite index squeezed ahead 16.99 points to begin the final full week of the month at 13,450.48
The Canadian dollar shed 0.03 cents at 74.88 cents U.S.
Sources say private equity firm CVC Capital Partners Ltd and Canada Pension Plan Investment Board are nearing a deal to acquire Petco Holdings Inc, valuing it at around $4.7 billion, including debt.
Canada's national energy regulator has halted construction on a new TransCanada Corp. natural gas pipeline after reviewing evidence that it may have spilled a toxic drilling fluid into a major river. TransCanada shares gained eight cents to $43.60.
Alberta announced on Sunday an economy-wide tax on carbon emissions in 2017 to fight climate change.
In ratings matters, KBW raised the target price on Bank of Montreal to $79.00 from $78.00. BMO shares tacked on 14 cents to $76.72.
However, KBW cut the target price on Bank of Nova Scotia to $63.00 from $64.00. Scotiabank shares backtracked 30 cents to $60.33.
Numis cut the target price on Timmins Gold to hold from buy; the target price to 24 cents from $1.10. Timmins Gold shares slipped half a cent, or 2.3%, to 21 cents.
ON BAYSTREET
The TSX Venture Exchange took on 1.14 points to 521.79.
Seven of the 13 TSX subgroups were higher in the first hour, as telecoms progressed 0.8%, consumer staples were better by 0.6%, and utilities gained 0.5%.
The half-dozen laggards were weighed by metals and mining, falling 3%, while gold sank 0.7%, and materials dipped 0.4%.
ON WALLSTREET
U.S. stocks struggled for gains Monday as investors observed oil prices and looked ahead to economic reports in the shortened Thanksgiving holiday week.
The Dow Jones industrial average added 21.92 points to open a short week at 17,845.73. Pfizer and Goldman Sachs were the greatest weights on the Dow Jones industrial average. Home Depot contributed the most to gains in the index.
The S&P 500 gained 0.78 points to 2,089.85.
The NASDAQ index grew 10.87 points to 5,115.79.
Pfizer fell more than 2.5% in morning trade after announcing it will buy Allergan for about $160 billion U.S. in the biggest deal ever in the health sector. The transaction will allow the New York-based drug giant to relocate to Ireland to cut its U.S. tax burden.
Shares of Allergan moved lower more than 3% in morning trade.
In economic news Monday, the Chicago Fed National Activity Index was minus 0.04 in October, up from minus 0.29 in September.
Prices for 10-year U.S. Treasuries slipped slightly, raising yields to 2.27% from Friday’s 2.26%. Treasury prices and yields move in opposite directions.
Oil prices declined 21 cents a barrel to $41.69 U.S.
Gold prices fell $6.41 to $1,071.60 U.S. an ounce.
Related Stories
