The Toronto stock market endured a flat open Monday as traders ponder positive Chinese manufacturing data and listened for a key reading of the American manufacturing sector later in the morning.
The S&P/TSX index gave back 41.23 points to begin April and the second quarter at 12,708.67
The Canadian dollar was up 0.01 cents at 98.29 cents U.S.
Information technology stocks stumbled out of the gate, with BlackBerry taking a dive of 30 cents, or 2%, to $14.79, as the jury remains out on sales of the company’s latest technology.
Gold stocks were missing some of their sheen, too, as China Gold International slid 55 cents, or 14.3%, to $3.29. Barrick Gold shares were off 15 cents, or 0.5%, to $29.69.
One of the few bright spots showed itself among health-care issues, as Valeant Pharmaceuticals climbed $1.33, or 1.7%, to $77.59.
Internationally, the China Federation of Logistics and Purchasing said Monday that the country's manufacturing picked up in March in a potentially positive sign for the recovery in the world's second-largest economy.
That nation’s Purchasing Managers' Index rose to 50.9 in March from 50.1 in February, which was the lowest reading in five months. Numbers above 50 denote expansion on a 100-point scale.
Chinese manufacturing is closely watched as an indicator of global consumer sales and demand for commodities such as copper and oil. High demand in the past has fuelled higher share prices for energy and mining stocks on the resource-intensive TSX.
The TSX starts the second-quarter trading period up a slight 2.5% year to date, down from highs of mid-March when the market was ahead about 3.5%, reflecting a stubbornly slow global economic recovery.
ON BAYSTREET
The TSX Venture Exchange docked 0.71 points to 1,098.29
All but two of the 14 Toronto subgroups were negative to begin the day, weighed mostly by information technology stocks, down 1%, gold, off 0.8%, and global base metals, listing lower by 0.6%.
The two gainers were in health-care, up 0.7%, and energy, nosing up 0.04%.
ON WALLSTREET
Stocks kicked off the second quarter fairly mixed Monday as the Dow and S&P 500 continued to chase new highs.
The Dow Jones Industrials notched up but 7.25 points to 14,585.80
The S&P 500 index moved lower by 4.13 points from Thursday’s all-time high, to begin Monday at 1,565.06
The tech-heavy NASDAQ Composite faded 11.48 points to 3,256.04.
U.S. stocks wrapped up a stellar first quarter Thursday, with the S&P 500 finally joining the Dow in hitting a new high. U.S. markets were closed on Good Friday.
Thin trading could result in volatility, experts say, even if there are no major news events.
In company news, Tesla Motors jumped 11%, after the electric car maker said it expects to achieve its first-ever quarterly profit based on strong sales of its all-electric Model S.
On the economic slate, the U.S. Institute for Supply Management was to release its monthly manufacturing index this morning and the Census Bureau will publish data on construction spending.
Prices on the 10-year U.S. Treasury were unchanged, keeping yields at 1.85%, where they have remained pretty much since Wednesday
Oil prices fell back 80 cents to $96.31 U.S. a barrel.
Gold prices inched up 70 cents to $1,596.70 U.S. an ounce.
