The Toronto stock market was little changed after Iran and world powers arrived at an agreement that will allow Iran to keep the central elements of its uranium program. But the agreement reached over the weekend calls for Iran to stop its enrichment at a level lower than what is needed for nuclear arms.
The S&P/TSX composite index slid 15.84 points to greet noon at 13,462.50
The Canadian dollar faded 0.22 cents to 94.74 cents U.S.
Also stirring the market, BlackBerry Ltd shares jumped after the company announced another shakeup in the executive suite.
Shares of financial companies gained, with Toronto-Dominion Bank adding 0.2% to $97.95, and Bank of Nova Scotia rising 0.4% to $66.40.
Oil prices dropped after the Iran deal, weighing on shares of energy producers. Suncor Energy Inc gave back 1.7% to $37.30 and had the biggest negative influence on the index. Canadian Natural Resources Ltd lost 2% to $34.11.
Among gold plays, Goldcorp Inc declined 1.9% to $23.84, and Barrick Gold Corp fell 1.3% to $16.99.
Detour Gold Corp dropped 21.3%, to $3.36, after the miner said Chief Executive Gerald Panneton had resigned.
BlackBerry said two top executives were departing and a third was replaced in a widely expected shakeup following this month's naming of a new chief executive, and that more changes were coming. The stock gained 2% to $6.64.
Saputo Inc declared its A$505 million ($463-million) bid for Warrnambool Cheese and Butter Factory Co. unconditional and said it would hike its offer if it won control of Australia's oldest dairy. Shares of the Canadian
company rose 0.8% to $48.95.
ON BAYSTREET
The TSX Venture Exchange faded 5.85 points by noon to 926.30
The 14 TSX subgroups were evenly divided between gainers and losers, the former half led by industrials, up 0.7%, while telecoms marched 0.5%, and health-care stocks improved 0.4%.
The seven laggards were weighed by gold, down 2.6%, materials, off 1.5%, and energy stocks were 1% less energetic.
ON WALLSTREET
The NASDAQ briefly topped 4,000 early Monday for the first time since September 2000, while the Dow and S&P 500 hit all-time highs once again.
The Dow Jones Industrials added 31.08 points from Friday’s all-time high, to pause for midday at 16,095.80
The S&P 500 index moved higher 1.37 points to 1,806.13. The NASDAQ moved higher 5.22 points to 3,996.87
In company news, Wal-Mart announced that current CEO of Wal-mart International Doug McMillon will replace CEO Mike Duke, who plans to retire early next year.
Apple bought the Israeli company PrimeSense. Apple's stock was up about 1% in early trading
The tech-heavy NASDAQ is still well below its peak of above 5,000, which was set in March 2000. But investors continued to buy stocks Monday thanks to enthusiasm about a landmark deal reached between Iran and the United States, the United Kingdom, France, Russia, China and Germany over the weekend.
As part of the agreement, international powers will relax economic sanctions against Iran in exchange for a promise that the country scales back its nuclear program. Oil prices sank on the expectation of more oil exports from Iran following the nuclear deal.
Besides the Iran deal, there weren't many other news items moving markets. Trading volume is expected to be low during this holiday-shortened week and there are few economic and earnings reports on tap.
U.S. markets will be closed Thursday for Thanksgiving and will shut at 1 p.m. ET on Friday.
Prices for 10-year U.S. Treasuries moved ahead, lowering yields to 2.74% from Friday’s 2.75%. Treasury prices and yields move in opposite directions.
Oil prices dropped 84 cents to $94.00 U.S. a barrel.
Gold prices fell $4.60 to $1,239.50 U.S. an ounce.
