The Toronto stock market found its way slightly higher Monday amid weak Chinese data and deal making in the Canadian financial sector.
The S&P/TSX Composite Index inched up 5.60 points to greet noon at 12,373.90
The Canadian dollar improved 0.34 cents to 98.19 cents U.S.
Shares of E-L Financial Corp. jumped after it announced the pending $1.125-billion sale of Dominion of Canada General Insurance Company to Travelers Companies Inc., a major U.S. insurance company. E-L Financial gained $57.99 or 9.8% to $649.99 on a volume of 327 shares.
The base metals sector gave back while July copper fell four cents to $3.23 U.S. a pound on top a 10-cent slide over the past two sessions. Copper is widely viewed as an economic barometer as it is used in so many applications.
Sector heavyweight Teck Resources lost 35 cents to $25.30.
Among gold plays, Goldcorp Inc. faded 48 cents to $28.61.
The energy sector declined as Husky Energy gave back 31 cents to $28.59.
Telecoms were positive with Telus Corp. ahead 28 cents to $34.95.
On the corporate front, Air Canada says capacity on its domestic services will increase more this year than previously forecast. It now expects 2013 domestic capacity will grow by 1.5 -2.5% over 2012 levels, a full percentage point above the levels announced in early May, when Air Canada issued its first quarter financial report and its shares advanced six cents to $2.33.
Speaking of things economic, Canada Mortgage and Housing Corporation reported this morning hat housing starts in Canada were trending at 182,756 units in May compared to 182,971 in April, The standalone monthly seasonally-adjusted annual rates was 200,178 units in May, an increase from 175,922 in April.
ON BAYSTREET
The TSX Venture Exchange dropped 2.08 points to 949.32
Nine of the 14 Toronto subgroups were lower by midday. The gold and metals and mining groups were each off 4.3%, with materials falling 4.1%.
The five gainers were paced by consumer discretionary and utility issues, each up 0.7%, while financials grew 0.5%.
ON WALLSTREET
U.S. stocks drifted higher Monday as investors weighed the outlook for the economy and its implications for Federal Reserve policy.
The Dow Jones Industrials recovered 29.29 points to pause for lunch at 15,277.40
The S&P 500 index gathered 4.08 points to 1,647.46. The tech-rich NASDAQ Composite gained 15.51 points to 3,484.73
After climbing steadily for the first part of the year, stocks have been choppy in recent weeks as investors attempt to gauge when the Fed will begin to slow the pace of its bond buying program.
Home builders were among the worst performers, with Lennar, D.R. Horton and PulteGroup all falling about 3%.
Shares of for-profit education companies gained as lawmakers prepare to vote on bills that would prevent interest rates on student loans from rising on July 1. Apollo Group, Corinthian Colleges and ITT Educational Services all rose.
Booz Allen Hamilton shares fell 4% after an employee admitted to disclosing classified information obtained while working for the National Security Agency.
At its Worldwide Developers Conference in San Francisco, Apple is expected to unveil an update to its iOS mobile operating system, a new "iRadio" streaming music service, a refreshed MacBook lineup and potentially an Apple TV update. Shares rose in early trading.
Electric car maker Tesla Motors, whose shares have soared more than 150% in the last three months, fell after a report in Barron's suggested the run-up had left shares greatly overvalued.
Shares of McDonald's edged higher after the fast food chain said global sales rose 2.6% in May.
Prices for the 10-year U.S. Treasury sagged, raising yields to 2.21% from Friday’s 2.16%. Treasury prices and yields move in opposite directions.
Oil prices were negative 23 cents to $95.80 U.S. a barrel.
Gold prices gained $1.60 to $1,384.60 U.S. an ounce
