The Toronto stock market was down slightly Monday with traders not inclined to do much after worries about the pace of economic growth last week erased all the TSX’s gains since the beginning of the year.
The S&P/TSX index lost 9.67 points to greet noon Monday at 12,322.18.
The Canadian dollar stepped back 0.12 cents at 98.10 cents U.S.
The energy sector was ahead as Canadian Natural Resources climbed 20 cents to $31.23.
The gold sector was down after falling more than 7% last week amid lower prices for bullion and gold stocks under pressure because of rising costs. Goldcorp Inc. was down 32 cents to $32.01.
The base metals component was down slightly while May copper gained two cents to $3.36 U.S. a pound after miners in Chile, the world’s biggest producer, said they would announce a nationwide strike on Monday. Economic worries sent copper to eight-month lows last week and the mining sector down almost 3%. First Quantum Minerals gave back 29 cents to $19.
Enbridge Inc. and a subsidiary of EDF Energies Nouvelles have teamed up to buy the Blackspring Ridge wind generation project near Lethbridge, Alta., on a 50-50 basis from Greengate Power Corp. Financial details of the transactions weren’t disclosed in Monday’s announcement.
When completed, the Blackspring project will have 166 turbines, making it the biggest wind power project in Western Canada. Enbridge shares rose 49 cents to $45.79.
ON BAYSTREET
The TSX Venture Exchange gained 1.60 points to 1,043.15
Nine of the 14 Toronto subgroups were lower by noon ET. Gold sank 0.8%, while information technology and consumer staples stocks each slid 0.4%.
The five gainers were led by telecoms, up 0.4%, while industrials and energy issues each churned 0.2%.
ON WALLSTREET
U.S. stocks fell again Monday, extending their losses from one of the worst weeks of the year, as investors geared up for the start of earnings, while also monitoring Europe's debt crisis and nuclear tensions on the Korean Peninsula.
The Dow Jones Industrials greeted noon off 56.11 points, to 14,509.10
The S&P 500 index slipped 1.41 points to 1,551.87. The tech-heavy NASDAQ Composite eased 4.86 points to 3,199.
Investors will be shifting gears this week to the start of the first-quarter earnings season. Aluminum producer Alcoa is on tap to report results after the closing bell.
The Dow component is expected to post a profit decline due to weak aluminum prices.JPMorgan Chase is scheduled to report Friday. Overall, analysts are forecasting first-quarter earnings to grow 1.5% compared to a year ago, according to Thomson Reuters.
In other corporate news, General Electric said it planned to buy energy company Lufkin Industries for $3.3 billion U.S. Shares of Lufkin, which builds and maintains equipment for oil and gas wells, surged nearly 40% in early trading.
Anheuser-Busche InBev's proposed $20-billion U.S. acquisition of Mexican brewer Grupo Modelo appears to be back on track after the companies, along with Constellation Brands and Crown Imports, said they'd reached an agreement that would settle the Justice Department's objections to the deal.
Shares of Biocryst Pharmaceutical surged after China's Food and Drug Administration expedited the approval of the company's anti-influenza medicine Peramivir amid a bird flu outbreak.
Prices on the 10-year U.S. Treasury sagged, raising yields to 1.72% from Friday’s 1.69%. Treasury prices yields move in opposite directions.
Oil prices retreated 17 cents to $92.79 U.S. a barrel.
Gold prices dropped $8.20 to $1,568.20 U.S. an ounce.
