The Toronto stock market was slightly lower midday Monday as gold stocks continued to add to the huge losses racked up this year amid thinner-than-usual volumes as 2013 trading winds down.
The S&P/TSX composite index eased 2.06 points to greet noon at 13,585.92
The Canadian dollar advanced 0.55 cents to 93.99 cents U.S.
The gold sector led decliners, while February bullion lost strength (see below), adding further damage to a sector already down almost 50% for the year while the metal has fallen about 28%.
Goldcorp gave back 23 cents to $22.88.
The interest rate sensitive utilities sector was also in the red Monday with Atlantic Power down 13 cents to $3.66.
The energy sector was slightly lower while Suncor Energy was 38 cents lower to $36.86.
Techs led advancers, up one per cent with Constellation Software ahead $6.39 to $223 while MacDonald Dettwiler & Assoc. climbed $1.48 to $82.40.
The base metals sector was slightly higher with March copper on the Nymex unchanged at $3.38 U.S. a pound. First Quantum Minerals gained 16 cents to $18.81.
The TSX is preparing to end 2013 with a respectable gain of about 9%. Gains would have been greater if not for deep losses in the mining sectors. Besides the gold sector, the base metals component has retreated 22%.
In corporate news, Montreal-based TransForce Inc. has come out the winner in a two-way bidding war for Vitran Corp., another Canadian trucking and logistics company. Toronto-headquartered Vitran is now supporting TransForce's offer of $6.50 U.S. per share in cash for the stock it doesn't already own.
The deal is valued at $136 million U.S., including $29 million U.S. of debt that will be assumed by TransForce. TransForce shares ran ahead 70 cents to $25.61 while Vitran was 25 cents lower at $6.88.
ON BAYSTREET
The TSX Venture Exchange inched up 0.47 points to 919.50
Eight of the 14 TSX subgroups were higher midday, led by information technology issues, up 0.9%, consumer staples, ahead 0.8%, and real-estate, up 0.6%.
The half-dozen laggards were weighed mostly by gold, down 1.3%, materials, off 0.8%, and utilities, sliding 0.2%.
ON WALLSTREET
Stocks south of the border remained in a holding pattern Monday, with little economic or corporate news to drive the market on the next-to-last trading day of 2013.
The Dow Jones industrial average inched up 7.66 points to meet noon ET at 16,486.07
The S&P 500 index moved lower 1.17 points to 1,840.23. The NASDAQ faded 3.39 points to 4,153.20.
Trading volumes are expected to be low this week as many investors and traders take time off work. U.S. markets will be closed Wednesday for New Year's Day.
Stocks ended little changed Friday but they're capping off a stellar year.
All three indexes have risen more than 25% in 2013. The Dow is on track for its biggest annual gain since 1996, and the S&P 500 is on pace for its strongest year since 1997.
Crocs shares surged after private equity firm Blackstone Group agreed to invest about $200 million U.S. in the company. Crocs also announced a $350 million stock buyback and said CEO John McCarvel was retiring.
Shares of Alcoa edged lower amid reports that Ford will reveal in January that it will use military grade Alcoa metal in its best-selling F-150 pickups.
Cooper Tire & Rubber cancelled plans to be bought by India-based Apollo Tyres for $2.5 billion. The companies announced the deal in June, but Cooper said Apollo breached the agreement and that its financing had fallen through.
Shares of Twitter fell 6%, extending Friday's sharp losses. The selling comes after a strong rally over the past few weeks. Twitter shares have gained 130% since the company's November IPO.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.97% from Friday’s 3.01%. Treasury prices and yields move in opposite directions.
Oil prices slid 71 cents to $99.61 U.S. a barrel.
Gold prices dropped $9.20 to $1,204.80 U.S. an ounce.
