Toronto stocks overcame a downward push by metal issues and actually registered a slight gain on a fairly slow Monday.
The S&P/TSX composite index eked up 2.98 points to finish Monday at 14,302.06
The Canadian dollar fell 0.08 cents at 90.09 cents U.S.
The base metals sector tumbled as copper prices fell for a second session in the wake of the Chinese data, with the May contract in New York losing another three cents to $3.05 U.S. a pound.
Prices for the metal tumbled 14 cents Friday after Chinese authorities allowed the country's first corporate bond default, which fuelled speculation as to how many more companies may be in a similar situation.
Sector stalwart Teck Resources eased 60 cents to $23.80
The energy sector recovered some ground, as Imperial Oil prospered to 46 cents to $51.16 and Suncor took on three cents to $36.94.
The gold sector also retreated as Barrick Gold Corp. is divesting part of its holdings in African Barrick Gold plc. Barrick says about 41 million ordinary shares it indirectly holds in African Barrick, representing about 10% of the company, will be placed with institutional investors.
Experts say, based on Monday's figures, the value of the stock would be about more than $233 million. Barrick shares faded 18 cents to $21.90.
Goldcorp shares dropped 33 cents to $29.64
The TSX was supported by modest gains in consumer staples and financials.
Elsewhere on the corporate front, The Second Cup Ltd. recorded quarterly net income of $1.18 million or 12 cents a share, improved from the year earlier loss of $12 million a year ago when Second Cup recognized the impaired value of its assets. Its shares finished the day ahead 22 cents to $5.02.
Economically speaking, data released on the weekend showed China’s exports fell by an unexpected 18% in February.
China’s official 2014 economic growth target of 7.5% assumes trade also will grow by 7.5%. But customs data show combined imports and exports so far this year have shrunk by 4.8%.
On the domestic slate, a report from the Canada Mortgage and Housing Corp showed the seasonally-adjusted annualized rate of housing starts rose to 192,094 units last month from a upwardly revised 180,481 in January, topping economists' forecast for 189,500.
ON BAYSTREET
The TSX Venture Exchange was still negative 0.16 points to 1,042.85
Seven of the 14 Toronto subgroups were lower on the day, as metals and mining stocks plunged 2.9%, global base metals dipped 2%, and information technology issues sank 0.9%
The six gainers were led by health-care, consumer staples and consumer discretionary stocks, picking up 0.4% each. Utilities were unchanged on the day.
ON WALLSTREET
With little U.S. economic or corporate news on the docket Monday, investors were keeping an eye on the rest of the world to get a sense of where the market is headed.
The Dow Jones Industrial Average dumped 34.04 points to close the day at 16,418.68
The S&P 500 index faded 0.87 points to 1,877.17. The NASDAQ dipped 1.77 points to 4,334.45.
The Dow and S&P 500 were near all-time highs as investors celebrated the fifth anniversary of the current bull market. But the NASDAQ was not back to all-time highs yet.
In fact, Monday was the 14th anniversary of the tech-heavy index hitting its peak of above 5,130. Still, the NASDAQ is now only about 15.5% below its dot-com boom record, thanks to a nearly 40% jump last year and strong start to 2014.
Boeing shares fell after Malaysia Airlines Flight 370, a Boeing 777, disappeared Saturday in mysterious circumstances en route to Beijing. The company also announced late Friday that "hairline cracks" had been found on some of its Dreamliner 787 jets still in production.
In other corporate news, Chiquita Brands rallied after the company said it was buying Ireland's Fyffes for about $526 million U.S. to create the world's leading banana company.
Shares of 3-D printer maker DDD Systems plunged after a report over the weekend claimed that investors may be overpaying for 3-D printing stocks. The stock is down around 30% this year after a huge run in 2013.
Shares of eBay slumped after Carl Icahn stepped up his campaign against the company's management.
Prices for 10-year U.S. Treasuries were up slightly Monday, lowering yields to 2.78% from Friday’s 2.79%. Treasury prices and yields move in opposite directions.
Oil prices faded $1.51 to $101.07 U.S. a barrel.
Gold prices increased in price $2.50 to $1,340.50 U.S. an ounce.
