The Toronto stock market was slightly higher midday Monday, aided by positive news from Asia's two largest economies.
The S&P/TSX composite index greeted noon up 6.01 points to 12,826.93
The Canadian dollar moved higher 0.41 cents to 96.43 cents U.S.
The Toronto stock market got an early boost after BlackBerry's stock jumped more than 2% following an unconfirmed report that Canadian investor Prem Watsa was close to buying the troubled smartphone company.
Its shares were up 24 cents to $11.53.
In corporate news, shares in Gabriel Resources Ltd. plummeted by nearly 70%, or 99 cents, after it said it has put in an urgent request for the Romanian government to clarify whether it plans to block debate on draft legislation affecting its Rosia Montana gold project.
Romania's prime minister is reported as saying he would look for other ways to find jobs in the deprived area, where thousands have protested this week against the proposed mine.
Gabriel Resources has struggled for several years to overcome opposition to the project, which opponents say poses too much of an environmental risk because it uses cyanide in the extraction process. Its shares were worth 48 cents in early morning trading.
Meanwhile, uranium producer Cameco Corp. says it will miss its 2013 production target for its Cigar Lake mining project in Saskatchewan due to delays in starting up ore production and mill processing.
The major new mine has been delayed several times in past years due to flooding and other technical issues. The Saskatoon-based company owns about half of Cigar Lake and had previously forecast the mine would produce 300,000 pounds of U3O8 this year but now expects production won't begin until 2014. Shares in Cameco fell 39 cents, or 1.9%, to $20.14.
Stocks in Japan jumped nearly 2.5%, and the yen fell after Tokyo was chosen to host the 2020 Summer Olympics and a revised estimate showed the economy grew faster than previously reported in the second quarter.
The Olympics are expected to provide a welcome boost, much of it in the construction sector, where the government is already spending heavily as part of its stimulus program.
Chinese stocks rose after data showed that the country's exports accelerated while inflation edged lower last month, raising hopes that China is on the path to recovery from a slowdown.
It's the latest sign that China is stabilizing after growth fell to a two-decade low of 7.5% in the second quarter.
On the domestic economic calendar, Statistics Canada reported this morning that building permits improved 20.7% in July to $8 billion. The market call was for a hike of 3.5%.
The nation's number crunchers added that the total value of building permits continued to trend upward on the strength of six gains in seven months.
ON BAYSTREET
The TSX Venture Exchange dipped 2.23 points to 952.69
Eight of the 14 Toronto subgroups were higher, led by global base metals, surging 1.3%, while metals and mining stocks along with information technology issues jumped 1% each.
The half-dozen laggards were weighed mostly by gold, down 1.5%, utilities, sliding 0.6%, and health-care, off 0.4%.
ON WALLSTREET
Stocks moved higher Monday even though investors remain worried about Syria.
The Dow Jones Industrials climbed 98.73 points to 15,021.20. The S&P 500 index gained 10.25 points to 1,665.42. The NASDAQ gained 31.48 points to 3,691.49
All three indices are up between 14% and 21% for the year. U.S. stocks managed to eke out gains last week -- despite a weaker-than-expected jobs report Friday.
Smithfield Foods and China's Shuanghui International announced after the closing bell Friday that U.S. regulators had cleared Shuanghui's proposed acquisition of the American meat processor.
Facebook continues to move higher and shares are getting closer to their all-time high of $45 U.S.
Shares of Blackberry rose on reports that its largest investor could be considering a buyout of the struggling smartphone company.
Dell shares rose slightly after activist hedge fund manager Carl Icahn said he was giving up his fight for control of the computer maker. That could make it easier for founder Michael Dell and investment firm Silver Lake to take the company private.
Apple is expected to unveil new iPhones during a Tuesday event. The stock was up more than 1%.
Shares of Delta rose more than 6%, following news that the airline would join the S&P 500 after the close of trading Tuesday. It will replace BMC Software which is being taken private.
U.S. lawmakers return from recess Monday and will vote on whether to authorize limited military strikes against the Middle Eastern nation.
For more than a week, President Obama has been trying to rally support for military action from members of Congress. This has resulted in more volatility in stocks and oil prices as traders worry about the possible knock-on effects of a strike.
Prices for the 10-year U.S. Treasury gained, lowering yields to 2.90% from Friday’s 2.94%. Treasury prices and yields move in opposite directions.
Oil prices dipped 77 cents to $109.76 U.S. a barrel.
Gold prices gained $1.60 at $1,388.10 U.S. an ounce.
