Corporate developments in the tech, resource and retail groups helped push the Toronto stock market slightly higher early Monday. But the TSX found it hard to gain traction amid skepticism that an agreement can be reached to avoid the U.S. falling over the so-called fiscal cliff at the end of the year.
The S&P/TSX composite had faded 2.37 points to approach noon at 12,194.43
The Canadian dollar slipped 0.03 cents to 100.00 cents U.S., exact parity with its American neighbour.
Research In Motion rose 3% to $8.82 as it said it will officially launch the final version of its long-awaited new BlackBerry 10 operating system and smartphone hardware on Jan. 30 simultaneously in several countries.
The company will also unveil the first two BlackBerry 10 smartphones. But it's not known when the new devices will be available to consumers.
Leon's Furniture Limited is offering to buy The Brick Ltd. in a deal the company values at $700 million. Leon's will pay $5.40 per share in either cash or debentures. Brick shares surged 52.3% to $5.33 while Leon's shares dipped seven cents to $11.50.
And Osisko Mining Corp. is buying Queenston Mining Inc. in an all-stock deal valued at $550 million. Queenston owns gold properties in the Kirkland Lake gold camp area as well as interests in Quebec, Manitoba and Ontario. Queenston shares jumped 65 cents or 13% to $5.66 while Osisko Mining dipped 49 cents to $9.33.
Among energy plays, Imperial Oil rose 24 cents to $45.21.
The base metals sector was up with copper prices slightly higher amid positive news from China, the world's second-biggest economy and the biggest consumer of the metal, which is viewed as an economic bellwether.
The December contract in New York rose one cent to $3.46 U.S. a pound and First Quantum Minerals gained 23 cents to $22.43.
Industrial stocks also gave the TSX lift as Canadian National Railways improved by 35 cents to $86.73.
With government offices closed for Remembrance Day, no macroeconomic figures were released Monday.
ON BAYSTREET
The TSX Venture Exchange remained positive, however, 2.78 points to 1,303.70
All but four of the 14 Toronto subgroups were higher at the lunch break. Metals and mining remained above ground 0.5%, while information technology and financials each progressed 0.4%.
The four laggards were weighed mostly by gold, off 1%, while health-care dipped 0.8%, and materials demurred 0.7%.
ON WALLSTREET
U.S. stocks wavered Monday, as investors turned their attention to Europe and Greece and continued to fret about the looming fiscal cliff.
The Dow Jones Industrials approached the noon hour behind Friday’s close 26.62 points at 12,788.80
The S&P 500 slipped two points to 1,377.85, and the Nasdaq Composite Index faded 6.20 points to 2,898.67
Homebuilders DR Horton and Beazer Homes both reported less-than-stellar quarterly results Monday.
DR Horton reported a stronger-than-expected profit but missed on revenue. Meanwhile, Beazer Homes posted a quarterly loss of $2.57 per share, falling short of analyst expectations.
Homebuilders had recently been benefiting from signs of a gradual housing recovery. DR Horton shares have rallied 77% over the past year, while Beazer's stock is up 50%.
Jefferies Group shares surged after the securities firm agreed to merge with Leucadia National in an all-stock deal.
Shares of Gilead Sciences climbed after the biotechnology giant announced encouraging findings about hepatitis C drugs.
Shares of Titanium Metals Corporation rallied following Friday's late news that Precision Castparts would acquire the firm for $16.50 U.S. per share, valuing Titanium Metals at $2.9 billion U.S.
JC Penney shares fell to a new 52-week low after being downgraded by Credit Suisse. The retailer, which reported disappointing results last week, continues to struggle with changing its image JC Penney was the worst performer on the S&P 500 Monday.
Finance ministers from the 17 euro-zone countries will meet in Brussels later Monday to discuss Greece's economic reforms.
Over the weekend, Greece's parliament approved the nation's 2013 budget. The vote was a big step toward unfreezing international bailout funds, even though disagreement among its creditors could push back the timetable for when that aid will resume.
The Treasury market is closed in observance of Veterans’ Day
Oil prices dropped 16 cents to $85.91 U.S. a barrel.
Gold prices cleared breakeven by 50 cents an ounce to $1,731.40 U.S.
