The Toronto stock market was little changed Monday with buyers unwilling to step up after further signs of global economic malaise sent stocks sharply lower last week.
The S&P/TSX index was down 0.70 points to greet noon at 12,064.85
The Canadian dollar shed 0.08 cents at 97.42 cents U.S.
The base metals sector declined, as copper prices continued to hover at 18-month lows. The metal, widely viewed as an economic barometer because of its use in so many applications, fell two cents to $3.13 U.S. a pound on top of a six per cent slide last week. First Quantum Minerals shed 45 cents to $16.20.
Industrials were also a weight with Canadian National Railways down 72 cents to $97.76 ahead of the release of earnings later in the day.
Air Canada tumbled 36 cents to $2.64 after earlier going as low as $2.46. The carrier said it estimates it had a $260-million net loss in the first three months of this year, down from $274 million in the first quarter of 2012.
The company said it issued the preliminary report ahead of the full results and analysis on May 3 to comply with disclosure rules as it explores a range of debt financing options.
The financials sector was off as Royal Bank gave back 79 cents to $60.66.
The gold sector advanced, as Goldcorp Inc. improved by 67 cents to $29.26.
The energy sector was slightly higher and Cenovus Energy lost 22 cents to $28.92.
It is a heavy week for earnings news from corporate Canada.
Canadian Pacific Railway reports Wednesday.
Major TSX resource companies handing in earnings include miners Teck Resources, Lundin Mining, Sherritt Resources, Barrick Gold, gas company EnCana, and oil companies Cenovus Energy and Imperial Oil.
No major Canadian economic data was scheduled for release Monday.
ON BAYSTREET
The TSX Venture Exchange gained 5.53 points to at 944.60
Eight of the 14 Toronto subgroups had shifted their direction upward, as energy gained 0.6%, gold shone 0.4% brighter, and information technology clicked 0.2% higher.
The half-dozen laggards were weighed mostly by metals and mining, off 0.9%, health-care issues were 0.7% less robust, and global base metals were down 0.6%.
ON WALLSTREET
Stocks fell Monday, extending losses from the worst week of the year, as investors reacted to a lackluster report on the housing market and parsed through another batch of earnings.
The Dow Jones Industrial Average remained negative 27.53 points, to break for lunch at 14,520.
The S&P 500 index inched up 3.23 points to 1,558.48. The tech-heavy NASDAQ Composite moved higher by 16.36 points to 3,222.41
The Dow's decline was led by a 2% drop in shares of General Electric after JPMorgan Chase downgraded the stock to neutral.
Meanwhile, technology stocks were big gainers Monday. Shares of Microsoft rose almost 4% after CNBC reported that hedge fund ValueAct was going to announce it was taking a $2-billion U.S. stake in the company. That would make ValueAct Microsoft's biggest shareholder.
On the earnings front, Caterpillar, considered a bellwether for the global economy because of its size and reach, missed profit and revenue forecasts. The mining and construction equipment maker also trimmed its earnings outlook for the year, citing a slowdown in mining. Despite the weakness, shares of the Dow component rose slightly higher.
Oil services firm Halliburton handily beat earnings and revenue estimates. The stock climbed more than 3%, making it among the top gainers in the S&P 500.
Shares of Netflix were up more than 3%. The company, which is hoping for a boost from its "House of Cards" video series, is on deck to report earning after the close.
Analysts expect earnings for S&P 500 companies to rise by 2% for the first quarter, according to S&P Capital IQ. But earnings season is far from over. So far, 104 S&P 500 companies have reported, with 70 beating forecasts, 23 missing and 11 reported to be in line.
Aside from earnings, shares of Power One Inc. surged more than 50% after Swiss company ABB agreed to buy the solar power company in a $1-billion U.S. deal.
Investors were disappointed after an industry report showed that existing home sales slipped 0.6% in March from the prior month, to a 4.92-million annual rate. Analysts expected the sales rate to rise.
Prices on the 10-year U.S. Treasury eked lower, raising yields to Friday’s 1.70%. Treasury prices and yields move in opposite directions.
Oil prices improved 47 cents to $88.45 U.S. a barrel.
Gold prices gained $26.80 to $1,422.40 U.S. an ounce
