The Toronto stock market headed for a positive session Monday as commodity prices advanced amid conflicting views of China’s manufacturing sector.
The S&P/TSX Composite Index skidded 102.77 points to end the day, week and month of May at 12,643.78
The Canadian dollar acquired 0.36 cents to 96.75 cents U.S. early Monday.
In corporate news, Centerra Gold Inc. said it expects the Kumtor mine in eastern Kyrgyzstan to achieve its 2013 production target despite last week’s shutdown caused by protests calling for nationalization of the operation. Centerra said on Sunday that the mine and mill had resumed operations.
Kumtor is the largest foreign-owned gold mine in the former Soviet Union.
Drug manufacturer Patheon Inc.had a profit of $100,000 in the second quarter, an improvement from a 79.6-million loss a year earlier, when it recorded a $57.9-million impairment charge. Revenue rose 40% to $253.9 million, with about $54.6 million of the increase due to an acquisition.
Canadian Pacific says there is no indication that a freight train derailment east of Sudbury on Sunday poses a danger to the public or the environment. CP said Sunday one of the rail cars derailed and as a result struck a trestle bridge near the community of Wanup.
ON BAYSTREET
The TSX Venture Exchange improved 1.67 points to close Friday at 962.41
ON WALLSTREET
U.S. stock futures turned higher Monday as investors shrugged off declines in global markets.
Futures for the Dow Industrials hiked 48 points, or 0.3%, to 15,148. Futures for the S&P 500 improved 6.60 points, or 0.4%, to 1,635.60, and futures for the NASDAQ gained 12.75 points, or 0.4%, to 2,993.
Stocks have been broadly on an uptrend since the start of the year. All three major indexes are up 14% to 18% so far.
Investors head into the new month awaiting a pair of new economic reports and the latest monthly auto sales figures.
At 10 a.m. ET, the Institute for Supply Management will release its monthly manufacturing index. Also at 10 a.m. ET, the Census Bureau will publish data on construction spending.
European markets were mixed in morning trading, recovering from earlier losses. London's FTSE 100 remained slightly in the red, while benchmark indexes in Germany and France turned higher.
Asian markets ended with losses, led by a 3.7% tumble for Tokyo's Nikkei 225. The index has lost nearly 12% since its peak in May.
Hong Kong's Hang Seng lost 0.5% and the Shanghai Composite index edged down by 0.1% after the release of divergent manufacturing data. The Beijing government's official report showed growth accelerated last month, while a separate report from HSBC indicated a slowdown
Oil prices ticked higher 86 cents to $92.83 U.S. a barrel
Gold prices took on $4.40 to $1,397.40 U.S.
