Stocks in Canada’s largest centre were little changed as morning became afternoon on Monday, as a pipeline company's shares soared on an acquisition announcement, but a major mortgage lender slumped.
The S&P/TSX Composite Index added 8.84 points to greet noon at 15,594.97
The Canadian dollar doffed 0.05 cents at 73.23 cents U.S.
Shares of Veresen Inc jumped 19.2% to $18.15 on news that it agreed to be acquired in a $9.7-billion stock-and-cash deal by its larger rival Pembina Pipeline Corp.
Pembina shares declined 2.2% to $42.56
Among financials, shares of Home Capital Group, Canada's biggest non-bank mortgage lender, tumbled 21.4% to $6.32 after the company said its high-interest accounts balance was expected to fall to about $391 million from $1.4 billion a week ago.
Last month, regulators accused the company of making "materially misleading statements" to investors.
Gold stocks took a bit of a beating by noon, as IAMGOLD shed 24 cents, or 4.3%, to $5.40, while Barrick Gold skidded 29 cents, or 1.3%, to $22.53.
In materials, First Quantum fell six cents to $12.95
Energy stocks fell, most notably Enbridge Inc., off 34 cents, to $56.24, while Suncor shares were unchanged at $42.78.
Health-care issues had a great morning, especially marijuana stocks like Aphria Inc., ahead 30 cents, or 4.9%, to $6.44, and Canopy Growth, advancing three cents to $9.16.
In the tech sector, BlackBerry gathered four cents to $12.79, while Constellation Software climbed $9.74, or 1.6%, to $634.07.
In the consumer discretionary area, Canadian Tire jumped 39 cents to $166.99.
On the economic front, seasonally-adjusted Markit Manufacturing Purchasing Managers Index figures for April moved upward to 55.9 from the 55.5 figure for March, the 14th straight reading above 50.
Moreover, the latest reading signaled the strongest improvement in business conditions for exactly six years. This mainly reflected faster rises in new orders and employment numbers in April.
ON BAYSTREET
The TSX Venture Exchange faltered 2.47 points to 804.30
Seven of the 12 TSX subgroups had moved negative by noon ET, as gold dulled in price 2.1%, materials weakened 1.2%, and energy slid 0.5%.
The five gainers were led by health-care, up 1.2%, information technology, better by 0.7%, and consumer discretionary stocks, up 0.4%.
ON WALLSTREET
U.S. equities traded mostly higher on Monday while Wall Street pored over key economic data as the government avoided a shutdown.
The Dow Jones Industrial Average moved 6.92 points into the green by midday to 20.947.43, with Apple contributing the most gains and Boeing the most losses.
The S&P 500 moved higher 5.65 points to 2,389.85, with real estate and information technology leading advancers.
The NASDAQ Composite vaulted 34.45 points to 6,082.06, yet another intraday high.
Earnings season also continues this week, with Apple, Facebook, Tesla and BP all reporting.
This earnings season has been strong thus far, with more than 75% of companies beating profit estimates and about 70% topping sales forecasts as of Friday morning
The Institute for Supply Management manufacturing index slipped to 54.8 in April from 57.2 and came in below consensus. Also, construction spending in March moved toward a record high.
The U.S. Commerce Department said consumer spending remained flat in March, while personal income rose less than expected.
Lawmakers reportedly reached a deal Sunday to keep the government funded for the next five months
The full House and Senate must still approve the bipartisan pact, which would be the first major legislation to clear Congress since Donald Trump became president on Jan. 20.
Prompt passage of the legislation is expected this week.
Prices for the benchmark 10-year Treasury note dropped, raising yields to 2.32% from Friday’s 2.28%. Treasury prices and yields move in opposite directions.
Oil prices demurred 51 cents at $48.82 U.S. a barrel
Gold prices lost $8.80 at $1,259.50 U.S. an ounce.
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