The Toronto stock market let go of their gains Monday afternoon, after spending much of the day in the green, as markets entered a week that's expected to experience low trading volumes in advance of the Christmas holidays.
The S&P/TSX composite index slipped 8.18 points to close at 13,193.28
The Canadian dollar declined 0.42 of a cent to 98.30 cents U.S.
Talisman Energy Inc. shares gained 5% to their highest level in 2 1/2 years after it announced it will sell a 50% working interest in its Farrell Creek gas field to South African energy and mining giant Sasol Ltd. in a $1.05-billion development agreement. Shares were up $1 to $21.89.
On the gold index, NovaGold Resources Inc. shares gained seven per cent after it said it is making a takeover offer for Copper Canyon Resources Ltd. worth $34.1 million. NovaGold shares added 98 cents to $14.99.
The mining sector was among those in the red. Duluth Metals Ltd. shares fell 3% or nine cents to $2.71 after it said it has agreed to pay $77 million to acquire Franconia Minerals Corp. which explores properties in northeastern Minnesota.
ArcelorMittal has signed a deal to increase its friendly takeover bid for Baffinland Iron Mines Corp to $1.25 per share, up from an earlier offer of $1.10. The increased offer, worth about $492 million, comes in the face of a hostile bid by Nunavut Iron Ore Acquisition Inc., a subsidiary of private equity investor Energy & Minerals Group, of $1.35 per share. Baffinland shares were down a penny at $1.31 apiece.
The financial sector, led by Bank of Montreal, was a drag on the TSX.
Shares in BMO fell 2.5%, or $1.42, to $56.58 following Friday's announcement that it is buying Wisconsin-based bank Marshall & Ilsley Corp. in a deal worth $4.1 billion U.S. That has prompted Moody’s Investor Services to launch a review of BMO for a possible downgrade.
Economically speaking, Statistics Canada revealed this morning that wholesale sales remained unchanged in this country at $44.9 billion in October, after advancing 0.7% in September.
ON BAYSTREET
The TSX Venture Exchange advanced 12.82 points to 2,147.15, while the Nasdaq Canada index faded 7.83 points to 745.22
In Toronto, eight of the 14 subgroups were lower on the day. Health-care weighed mostly on the losers, taking off 1.6%, financials stepped back 1%, and metals and mining stocks eased 0.9%.
The five gainers were led by real-estate, up 1.2%, gold, ahead 1%, and energy stocks, gaining 0.8%. The information technology sector was flat Monday.
ON WALLSTREET
In New York, stocks seesawed between small gains and losses Monday but remained in a narrow range at the start of a holiday-shortened week, as investors began to shift their focus to 2011.
The Dow Jones Industrials slipped 13.78 points at the final bell Monday to 11,478.10
The S&P 500 inched ahead 3.17 points to 1,247.08, its highest level since Sept. 2008 The Nasdaq Composite Index moved up 6.59 points to 2,649.56, and finished at the highest level since Dec. 31, 2007.
Stocks have risen about 5% this month, and are poised for double-digit gains for the year.
Investors are already looking ahead to 2011 -- and many have pretty bullish outlooks for the New Year.
E-commerce company eBay said it has reached a deal to purchase brands4friends.com -- Germany's largest online shopping site -- for about $200 million U.S. "The move is designed to strengthen eBay's position as a leading online fashion destination in Europe," the company said in a written statement. Shares of eBay fell 0.8%.
Consumer food and beverage company Sara Lee Corp. is in talks to sell itself to a Brazilian meat-processing giant JBS SA, according to reports. The companies are sparring over price, however, stalling the deal. Shares of Sara Lee rose 2.5%
AT&T shares slipped 0.3% after the company said it will pay $1.93 billion U.S. for spectrum licenses from Qualcomm AT&T said the move will bolster its 4G service.
After the closing bell, Adobe Systems reported a profit of $269 million U.S., or 53 cents U.S. per share, compared to loss of $32 million U.S., or six cents per share, during the same period a year earlier.
The San Jose-based company sales jumped 33% to just over $1 billion U.S. during the quarter. Analysts expect the company to report earnings per share of 52 cents U.S. on revenue of $988 million U.S. The tech giant also delivered an upbeat forecast.
Shares of Adobe were up almost 7% in after-hours trading.
The price on the benchmark 10-year U.S. Treasury sagged as the day ended, upping the yield to 3.35% from Friday’s 3.33%. Treasury prices and yields move in opposite directions.
Oil moved higher by 68 cents a barrel to $88.38 U.S.
Gold futures for February delivery rose $6.90 cents to $1,386.10 U.S. an ounce.
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