The Toronto stock market was positive Monday afternoon as investors took in data that showed Canada’s economic growth in the first quarter was largely in line with expectations.
The S&P/TSX Composite Index finished the day up 32.07 points at 13,829.66
The Canadian dollar gained 0.03 cents to 102.34 cents U.S.
Gold producers are big drivers on the resource-heavy TSX and the mining sector and materials index were some of the top gainers Monday. On the TSX, Barrick Gold Corp. shares lost 13 cents to $46.23.
Oil prices fell in price in electronic trading on the New York Mercantile Exchange. On Monday, security forces killed anti-government protesters in Syria and Yemen, the latest instances of political violence that has swept the oil-rich region this year.
The energy sector on the TSX was up, with shares in Canadian Natural Resources surging 1%, or 41 cents, at $41.97.
The July copper contract fell two cents to $4.16 U.S. a pound. The mining sector was the biggest gainer on the TSX, with shares in Hudbay Minerals Inc. up or nine cents to $14.65.
Uranium stocks are under pressure after Germany’s environment minister said Chancellor Angela Merkel’s coalition government has agreed to shut down all of the country’s nuclear power plants by 2022.
The utilities index took a hit, with shares in Uranium One Inc. down 3.2% or 12 cents to $3.68 and Cameco Corp. shares down 2.9% or 83 cents to $27.47.
In corporate news, Fortis Inc. is acquiring a Vermont-based integrated electric utility company for $700 million U.S., giving the Newfoundland-based company its first entry into the U.S. regulated power industry.
The St. John’s, N.L.-based company says it will pay $35.10 U.S. per share in cash for Central Vermont Public Service Corp. in a transaction that includes the assumption of about $230 million U.S. in debt. Fortis shares fell 2.1% or 71 cents to $32.95.
On the economic front, figures released this morning by Statistics Canada revealed real gross domestic product grew at an annualized rate of 3.9% in the first quarter, after expanding 3.1% in the fourth quarter of 2010.
All major industrial sectors, except for retail trade and arts, entertainment and recreation, increased their output.
Goods production rose 1.8% while service-producing industries increased 0.7%.
ON BAYSTREET
The TSX Venture Exchange faded 2.71 points to 2,097.96 while the Nasdaq Canada index recovered 3.13 points to 670.41
In Toronto, all but three of the 14 subgroups were in the green throughout Monday, led by metals and mining, up 0.9%, with energy and health-care stocks each hiking 0.7%.
The three laggards were utilities, off 1.1%, real-estate issues slid back 0.4%, while financials inched back 0.1%.
ON WALLSTREET
American markets are closed for the Memorial Day holiday
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