The Toronto stock market was higher in early trading on Monday as the materials and gold sectors gained traction and shares of BlackBerry got a pop after the company launched a strategic alternatives plan.
The S&P/TSX composite index progressed 40.97 points to greet noon at 12,583.10
The Canadian dollar recovered 0.02 cents to 97.11 cents U.S.
Shares of BlackBerry rose 6.3% as the struggling Waterloo, Ont.-based smartphone marker said it's weighing its options and has brought in a committee to assess strategic alternatives, which could include selling itself, a joint venture or other options.
The company's stock gained 62 cents to $10.67.
In other developments, rewards point operator Aimia Inc. has selected TD Bank Group as the new primary credit card issuer for Aeroplan. The company says talks with its longtime partner CIBC are ongoing about a side deal.
Aimia shares gained 3%, or 47 cents, to $15.77 while TD fell 24 cents to $86.42. CIBC was 70 cents higher to $77.61.
Dollarama Inc. says its chief operating officer is leaving the company to become president and CEO of a California-based discount retailer, called 99-cents Only Stores. The company's shares were down $1.07 to $76.76.
ON BAYSTREET
The TSX Venture Exchange gained 4.62 points to 924.71
Of the 14 Toronto subgroups, nine were weaker by noon. Health-care issues were down 1.5%, telecoms was up 0.7%, and energy stocks were down 0.6%.
The five gainers were led by gold, up 5.5%, materials, up 4.1% and the metals and mining group, stronger by 2.6%.
ON WALLSTREET
U.S. stocks bounced around the breakeven line Monday.
The Dow Jones Industrial Average slid 12.25 points to 15,413.30
The S&P 500 index was negative 2.28 points to 1,689.14. The NASDAQ was positive 6.17 points to 3,666.27.
BlackBerry said it will begin exploring 'strategic alternatives,' including selling the company. Once a dominant player in the smartphone market, BlackBerry has struggled recently against competitors like Apple and Saumsung.
Investors are also keeping an eye on J.C. Penney after activist investor Bill Ackman urged the company to replace interim CEO Mike Ullman as soon as possible. The struggling retailer fought back, calling Ackman's public comments inaccurate.
Dole Food Company shares jumped after it approved a plan by CEO David Murdock to take the company private for $13.50 U.S. a share.
Apple shares rose after the International Trade Commission on Friday banned Samsung from importing or selling several devices that it said infringe on Apple patents.
The U.S. Treasury Department will release its monthly budgetary statement at 2 p.m. ET.
Prices for the 10-year U.S. Treasury gained, dropping yields to 2.57% from Friday’s 2.58%. Treasury prices and yields move in opposite directions.
Oil prices sank 10 cents to $105.87 U.S. a barrel.
Gold prices gained $25.00 to $1,337.20 U.S. an ounce.
