Equity markets in Canada’s largest centre rose slightly on Monday as gains across a range of sectors offset weakness among energy stocks as oil prices fell.
The S&P/TSX Composite eked up 12.76 points to open Monday at 14,798.05.
The Canadian dollar dropped 0.07 cents to 74.58 cents U.S.
U.S. oil refiner HollyFrontier Corp said it would buy Suncor Energy’s, Petro-Canada lubricants unit for $1.13 billion, expanding its North American lubricants business.
Suncor shares dipped 67 cents, or 1.6%, to $40.62.
Bombardier Inc said on Sunday it had booked an order for four of its Challenger 650 business jets from Singapore-based Zetta Jet, valued at $129 million at list prices.
Bombardier shares fell six cents, or 3.2%, to $1.80.
Canadian Imperial Bank of Commerce has agreed to a no-contest settlement with the Ontario Securities Commission that will see CIBC compensate customers a total of $73.3 million for excess fees.
CIBC shares perked 30 cents to $101.27.
Performance Sports Group, the maker of Bauer hockey gear is preparing to file for bankruptcy in the United States and Canada as early as Sunday evening.
Canaccord Genuity raised the target price on Altus Group to $36.00 from $30.00, given the company’s double-digit organic growth and rising margins. Altus Group gained 25 cents to $29.07.
Barclays cut the target price on Canadian Tire Corporation to $160.00 from $162.00, to reflect the company’s deteriorating consumer discretionary spending outlook. Canadian Tire picked up 36 cents to $131.15.
Berenberg raised the target price on Teck Resources to $25.50 from $13.00, saying that the company’s third-quarter results highlighted the company’s strong leverage to coking coal.
Teck shares climbed 58 cents, or 2.1%, to $28.79.
On the economic front, Statistics Canada industrial product price index rose 0.4% in September, led by higher prices for energy and petroleum products, as well as motorized and recreational vehicles.
StatsCan also said its raw materials price index edged down 0.1% in the same month, as lower prices for animals and animal products were largely offset by higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange sagged 0.62 points to 775.25
All but one of the 12 TSX subgroups were higher, with gold brightening 0.8%, materials up 0.6%, and consumer discretionary stocks
ahead 0.4%.
Energy proved the lone laggard, down 1.1%
ON WALLSTREET
Equities stateside hovered around breakeven on Monday following a slew of corporate news and the release of solid economic data, but an investigation into new Hillary Clinton emails kept investors on edge.
The Dow Jones Industrials were narrowly higher, 1.51 points to open Monday at 18,162.70, with Chevron contributing the most gains and Nike the most losses.
The S&P 500 gained 3.9 points at 2,130.31, with utilities rising more than 1% to lead advancers.
The NASDAQ composite index gained 8.46 points to 5,198.56
FBI Director James Comey said in a Friday letter to lawmakers that the agency is probing new emails related to the Democratic nominee. The emails were discovered during a separate investigation involving former Congressman Anthony Weiner.
Clinton's lead over her Republican counterpart, Donald Trump, has narrowed significantly since Friday's news broke
Consumer spending rose more than expected in September as households boosted purchases of motor vehicles and inflation increased steadily, which could bolster expectations of an interest rate hike from the Federal Reserve in December.
The Commerce Department said on Monday that consumer spending, which accounts for about 70% of U.S. economic activity, increased 0.5% after a downwardly revised 0.1% drop in August.
Other data released Monday included the Chicago PMI's October read, which came in at 50.6, well below a September print of 54.2. The Dallas Fed manufacturing survey was due out later this morning.
Prices for the 10-year Treasury were up, lowering yields to 1.83% from Friday’s 1.85%. Treasury prices and yields move in opposite directions.
Oil prices were lower 88 cents to $47.82 U.S. a barrel
Gold prices moved lower $1.20 to $1,275.60 U.S. an ounce.
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