Toronto's main stock index confounded many of the experts and actually opened higher on Monday, with investors keen to first see more evidence of improvement in the economies of Europe and the United States before extending a recent rally.
The S&P/TSX Composite Index increased 33.63 points to get the day and week going at 12,530.59
The Canadian dollar was up 0.09 cents at 100.92 cents U.S.
Stocks to watch this morning include Ensign Energy Services Inc., whose fourth-quarter profit rose 64% as the company benefited from the continued drilling boom in North America.
A poll of about a third of CP Rail’s shareholders found that 91% of them want management change at the railroad company, which is the target of a shake-up campaign by activist investor Pershing Square Capital Management.
The Air Canada labour saga continues. The airline has asked the government's labour relations
board to intervene after an unusually large number of pilots called in sick on a busy spring-break weekend, contributing to numerous flight cancellations.
On matters economic, Statistics Canada reported this morning that wholesale sales dipped 1.0% in January to $49.0 billion, due mostly to lower sales of cars, trucks and the parts to keep them going.
ON BAYSTREET
The TSX Venture Exchange added 0.20 points to 1,606.37 while the Nasdaq Canada index moved 3.31 points higher to 422.23
All but two of the 14 Toronto subgroups were up to begin Monday, with global base metals ahead 1.1%, information technology and metals and mining each advancing 0.9%.
The lone laggards were real-estate, off 0.07%, utilities, down 0.06%.
ON WALLSTREET
In New York, stocks opened little changed Monday in what is shaping up to be a choppy trading day, with little economic or corporate news on the docket.
The Dow Jones Industrials dipped 10.52 points Friday to 13,222.10.
The S&P 500 tacked on 2.49 points to 1,406.66, while the Nasdaq added 3.03 points to 3,058.29.
The most highly anticipated announcement of the day came ahead of the opening bell, when Apple said it would pay a quarterly dividend of $2.65 U.S. a share. The company will also buy back $10 billion U.S. of its own shares over the next three years. Shares jumped about 2%.
Apple has nearly $100 million U.S. in cash and marketable securities on its books. Just last week, Apple's stock topped $600 U.S. for the first time ever, fueled by record iPhone and iPad sales growth.
Shares jumped about 2% following the dividend/buyback announcement, remaining just shy of $600 U.S.
Bank stocks may also be in focus, following reports that the Federal Reserve made some minor corrections to its stress test results. Shares of Bank of America and Citigroup were down slightly at the open.
Starbucks will open its first Evolution Fresh juice bar on Monday in Bellevue, Wash., four months after the coffee giant acquired the juice business. Starbucks will also start distribution of the brand to grocery stores on Monday.
The advisory board of European shipper TNT Express said they are recommending that shareholders accept the terms of a $6.8-billion U.S. all-cash offer from UPS. Shares of Domino's Pizza rose after the company announced a one-time dividend of $3 U.S. per share to be paid on April 2.
Economically speaking, housing will be in focus this week, with reports due on new home sales, housing starts and existing home sales.
On Monday, the National Association of Home Builders will release the March installment of its Housing Market Index. The index is expected to stand at 31 for March, according to a survey of analysts by Briefing.com, up from 29 last month.
While recent reports on the job market and the banking sector have given credence to beliefs that the economy is on the mend, the housing market is still struggling.
Last month, the National Association of Realtors said home prices fell to their lowest point in more than a decade in January.
The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 2.33% from 2.30% Friday. Treasury prices and yields move in opposite directions.
Oil for February delivery gained 71 cents to $107.77 U.S. a barrel.
Gold futures for April added 20 cents to trade at $1,656 U.S. an ounce.
