Canadian equities edged higher Monday, led by strength in metals and mining shares after a rally last week that saw gold, silver and copper prices climb to their highest levels in months.
The S&P/TSX Composite index moved up 5.08 points to greet noon Monday at 12,273.09
The Canadian dollar regained 0.15 cents Monday to 102.43 cents U.S.
Shares of First Quantum Minerals Ltd. rose 0.9%. Health-care stocks fell, however, with the benchmark index for the sector losing 7.6%.
Shares of Nordion Inc. sank 37% to $6.64 after the health science firm said it was unsuccessful in its construction-related claim against Atomic Energy of Canada Ltd.
ON BAYSTREET
The TSX Venture Exchange gained 2.43 points to 1,279.14.
Eight of the 14 Toronto subgroups were higher. Global base metals and their cousins in the metals and mining sector vied for top spot, each gaining 0.7%, while telecoms picked up 0.6%.
The five laggards were weighed mostly by health-care, which staggered 7.3%, while gold sagged 0.6%, and materials fell 0.4%. Consumer staples were flat at noon hour.
ON WALLSTREET
U.S. stocks traded in a narrow range Monday, as investors remain cautious ahead of a key decision out of Europe and the Federal Reserve's latest policy meeting.
The Dow Jones industrial average squeaked ahead 0.85 points to 13,307.50
The S&P 500 index shed 0.71 points, to 1,437.21, and the tech-heavy Nasdaq Composite Index dropped 13.74 points to 3,122.68.
Shares of natural resources companies were among the top performers, carrying over last week's strong gains. Alpha Natural Resources, Cliffs Natural Resources and Vulcan Materials led the S&P 500.
Intel was one of the worst performers on the Dow after the world's largest chip maker said last week that third-quarter sales will be weaker than expected. But the blue-chip index was supported by gains in shares of rival technology company Hewlett Packard
Shares of fashion label Michael Kors dipped 3% on news that the company plans for a secondary offering.
Later this week, Apple is expected to unveil details about the iPhone 5.
Investors are looking ahead to the Federal Reserve's two-day meeting, where it could announce new stimulus measures. The central bank meets Sept. 12-13.
Friday's weak jobs report prompted further speculation that the central bank will move forward with a new round of quantitative easing, a possibility Fed chairman Ben Bernanke alluded to in a speech last month.
Meanwhile, investors will be keeping tabs on Europe, as the German Constitutional Court is expected to hand down a ruling Wednesday that could impact the European Central Bank's plans to preserve the euro.
The price on the benchmark 10-year U.S. Treasury lost a bit of ground, boosting yields to 1.67% from Friday’s 1.66%. Treasury prices and yields move in opposite directions.
Oil prices for September delivery lost 25 cents to $96.17 U.S. a barrel.
Gold futures for December delivery fell $8.30 to $1,732.20 U.S. an ounce.
