The Toronto stock market was little changed Monday amid weak Chinese data and deal-making in the Canadian financial sector.
The S&P/TSX Composite Index inched up 9.37 points to end Monday at 12,382.67
The Canadian dollar improved 0.26 cents to 98.11 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 $56 or 9.5% to $648.00 on a thin volume of 3,055 shares.
Prices for oil and copper declined as data released on the weekend showed China's trade, retail sales and other activity in May were weaker than expected, fuelling concerns about the country's shaky economic recovery.
China's trade surplus rose to $20.4 billion in May from $18.2 billion the prior month.
However, export growth slowed dramatically to just one per cent from a year ago, which was the slowest increase since July 2012. Imports slipped 0.3% from year-earlier levels.
The gold sector advanced, as Kinross Gold climbed seven cents to $6.44.
The energy sector climbed and Suncor Energy improved by 14 cents to $31.80.
An oilsands processing unit at the massive Syncrude Canada oilsands mine north of Fort McMurray, Alta., is down for maintenance for an estimated 50 days.
Canadian Oil Sands Ltd., the largest owner of the Syncrude mine, said 2013 output is still expected to come in at between 100 million and 110 million barrels, with no material impact on operating costs. Its shares were a penny lower to $20.01.
The base metals sector gave back ground while July copper fell three cents to $3.24 U.S. a pound on top a 10-cent slide over the previous two sessions.
Copper is widely viewed as an economic barometer as it is used in so many applications. Sector heavyweight Teck Resources lost 61 cents to $25.04.
Railway stocks fell alongside miners as Canadian Pacific Railway declined $2.30 to $126.86.
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 4.68 points to 946.72
The 14 Toronto subgroups were evenly divided between gainers and losers, the former group led by consumer staples, prospering 0.6%, gold, surging 0.4%, and energy, gaining 0.2%.
The seven laggards were weighed mostly by industrials, down 1.1%, while metals and mining stocks and their cousins in global base metals each lost 0.8%.
ON WALLSTREET
U.S. stocks were little changed Monday as investors weighed the outlook for the economy and its implications for Federal Reserve policy.
The Dow Jones Industrials moved downward 9.53 points to close at 15,238.60
The S&P 500 index slid 0.57 points to 1,642.81. The tech-rich NASDAQ Composite finished 4.55 points above breakeven to 3,473.77
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.
Apple CEO Tim Cook took the stage at the company's Worldwide Developers Conference in San Francisco. In a widely anticipated move, Cook debuted the "iTunes Radio" streaming music service, along with a an update to its iOS mobile operating system and other incremental changes.
Apple shares were trading higher during the event but fell once it was over.
Shares of online radio company Pandora, which had been lower most of Monday, rose after Apple unveiled iTunes Radio. The stock has been hit hard in recent weeks though on speculation about Apple's music plans.
Facebook shares rose nearly 5% after analysts at Stifel upgraded the stock to buy from hold. The analysts said the social network could be added to the S&P 500 next year.
Home builders were among the worst performers, with Lennar and D.R. Horton both fell more than 2%.
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 3% after an employee admitted to disclosing classified information obtained while working for the National Security Agency.
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.
Apparel maker lululemon athletica is set to report its quarterly results after the close. The company recently brought back a line of yoga pants to shelves that had been recalled due to a problem that caused the pants to be translucent.
Prices for the 10-year U.S. Treasury sagged, raising yields to 2.22% from Friday’s 2.16%. Treasury prices and yields move in opposite directions.
Oil prices were negative 31 cents to $95.72 U.S. a barrel.
Gold prices gained $1.40 to $1,384.40 U.S. an ounce
