The Toronto stock market was higher Monday, supported by the base metals sector as copper prices moved further into record high territory.
The S&P/TSX composite index vaulted 144.01 points, or 1.1%, to close Monday’s trading at 13,910.77.
The Canadian dollar subsided 0.22 cents to 101.11 cents U.S.
The March copper contract on the New York Mercantile Exchange was slightly off session highs but still ahead six cents to $4.60 U.S. a pound after hitting a record $4.62 U.S., taking the base metals sector up higher. High demand for the metal used in construction and electrical appliances has sent copper surging almost 40% since the beginning of 2010.
Teck Resources gained 82 cents to $58.80 and Equinox Minerals was ahead 22 cents to $6.65.
The chief executive of mining giant Rio Tinto Group told Australian television over the weekend that he expects copper prices will continue to head higher amid rising demand and before output from new projects eases a supply shortfall.
The energy sector gained ground as Suncor Energy was ahead $1.36 to $41.61 and Cenovus Energy climbed 79 cents to $35.50.
Ventana Gold Corp. has reached an agreement for a sweetened takeover by a company formed by Brazilian resource firm Grupo EBX valued at about $1.4 billion.
Ventana said Monday that the offer amounts to $13.06 per share in cash. In December, Ventana’s board had recommended that shareholders reject the previous offer of $12.63 per share because it undervalued the company. Its shares were up 64 cents to $12.92.
Within the financials sector, Royal Bank rose 43 cents to $55.34 while Manulife Financial was up 33 cents to $18.25.
Shares in Potash Corp. of Saskatchewan were ahead 93 cents to $62.76. The price reflects a three-for-one stock split announced by the fertilizer giant in late January. Its shares are expected to commence trading on a split basis on the New York Stock Exchange Feb. 25.
Meanwhile, some of the biggest Canadian corporate names will be handing in earnings reports this week, including telecom Rogers Communications, gold miners Kinross Gold and Agnico Eagle and energy giant Talisman Energy on Wednesday.
Oil explorer Nexen Inc. and Barrick Gold, the world’s biggest gold miner, report Thursday.
On the economic front, Statistics Canada reported that new motor vehicle sales slid in December by 4.8% to 128,210 units, after two straight stable months.
ON BAYSTREET
The TSX Venture Exchange was up 22.90 points to 2,380.46, while the Nasdaq Canada index sifted off 3.43 points to 809.87.
In Toronto, all but two of the 14 subgroups were higher at the final bell. Global base metals and energy improved 1.9% each, while materials gained 1.5%.
The two laggards were information technology, off 0.5%, and telecoms, down 0.1%.
ON WALLSTREET
In New York, stocks were mixed Monday, as investors digested President Obama's 2012 budget proposal in an overall quiet session.
The Dow Jones Industrials dropped 5.07 points to end at 12,268.20.
The S&P 500 index moved up 3.17 points to 1,332.32. The tech-rich Nasdaq Composite Index prospered 7.74 points to 2,817.18.
Exxon Mobil, Chevron and Alcoa were among the top performers on the Dow, helped by a Chinese trade balance report that showed a 51% jump in imports last month for the world's now second-largest economy.
Copper futures also climbed 2% during the session. Wal-Mart and Verizon were the biggest losers on the blue-chip index.
President Obama unveiled his administration's $3.7-trillion U.S. budget proposal, which will cut the nation's long-term deficit by about $1.1 trillion U.S. over the next 10 years.
Traders however said there was little for Wall Street to react to in the White House's proposal.
Shares of Emergency Medical Services plunged 11%, after private equity firm Clayton, Dubilier & Rice announced plans to buy the company for $3.2 billion U.S.
Shares of General Electric rose 1%, after the industrial conglomerate said it would purchase an oil-and-gas engineering company for $2.8 billion U.S.
Netflix shares rose 6.5%, after the company's stock was upgraded by two investment firms. Shares also got a boost after chipmaker Qualcomm said at an industry conference that it planned to bring streaming video onto Google Android-enabled smart phones.
Green Mountain Coffee Roasters' shares fell 3%, after Reuters reported that Starbucks is considering entering the single-cup coffee brewing business.
Internet radio site Pandora filed late Friday to raise up to $100 million U.S. in an initial public offering.
The price on the benchmark 10-year U.S. Treasury gained ground, dropping the yield to 3.61% from Friday’s 3.65%. Treasury prices and yields move in opposite directions.
Oil for February delivery gave up $1.85 to $84.88 U.S. a barrel.
Gold futures for April delivery rose $6.60 to $1,367 U.S. an ounce.
Related Stories
