Stocks opened slightly lower on Monday, after languishing over the long holiday weekend.
The S&P/TSX composite index eased 4.27 points, to begin the day and week at 14,496.12
The Canadian dollar was unchanged at 90.71 cents U.S.
The index reached its highest point in nearly six years on Thursday after positive U.S. economic data drove gains in the price of oil, which in turn lifted shares of oil producers.
In the corporate world, the talks between Barrick Gold and Newmont Mining over a combination that would create a gold mining behemoth have hit a snag, but two sources close to the situation say the companies remain keen on a deal and discussions are likely to resume.
Barrick shares gave back a dime at $19.71.
A takeover battle for Canada's Osisko Mining, involving three of the world's top gold producers, is more than just a testament to the quality of the company's low-cost mine; experts say it also spotlights a shortage of top-class gold assets in politically stable areas of the world.
Osisko shares dipped two cents to $7.98.
CIBC raised the rating on Deethree Exploration to outperform from sector perform. Deethree shares inched up three cents to $3.24.
CIBC also cut the rating on TransCanada to sector performer from sector outperformer. TransCanada shares tumbled $1.48, or 2.9%, to $49.82.
ON BAYSTREET
The TSX Venture Exchange gained 3.90 points to 1,002.67
Seven of the 14 Toronto subgroups were higher, with gold and health-care as co-leaders, each gaining 0.3%, while telecoms inched up 0.1%.
The six laggards were weighed by metals and mining, down 0.5%, materials, sliding 0.2%, and real-estate, dipping 0.1%. Information technology stocks were unchanged early in the trading day.
ON WALLSTREET
Stocks drifted higher in early trading Monday as U.S. investors got back into action after the long holiday weekend. It will be a week full corporate earnings reports, including household brands like Netflix and McDonald's
The Dow Jones Industrial Average gained 44.05 points to start the session at 16,452.59
The S&P 500 gained 4.97 points to 1,869.82, and the NASDAQ composite index gained 16.64 to 4,112.16.
Earnings released Monday painted a mixed picture.
Kimberly-Clark, a producer of consumer products including Kleenex, reported a loss that was smaller than the loss reported a year ago. The CEO blamed "cost inflation."
Toy company Hasbro and energy producer Halliburton reported gains in net income, after reporting losses a year earlier.
Netflix will report today after the market closes. The stock has been one of Wall Street's big momentum plays and the top performer in the S&P 500 last year, with an incredible 269% rise. But tech stocks have been volatile over the past several weeks, and Netflix shares are down 6% this year.
There are many other big earnings announcements set for later in the week. GM, Apple and Facebook will all be reporting.
But it's a slower week for economic data releases, with none set for Monday. The latest existing home sales report will be released on Tuesday.
Trading volume is expected to be light, with many money managers taking the day off. U.S. markets were closed Friday for Good Friday. European markets and some Asian markets are still closed Monday for the Easter holiday.
It will be a heavy week for corporate earnings, with 11 Dow companies and 161 of the S&P 500 scheduled to release quarterly reports.
Analysts expect overall earnings for the S&P 500 to have declined the first quarter, but results so far have been better than forecast. Of the 82 companies that have reported earnings as of last week, 66% have topped forecasts, according to FactSet Research.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.70% from Thursday’s 2.72%. Treasury prices and yields move in opposite directions.
Oil prices lost 19 cents to $104.35 U.S. a barrel.
Gold prices fell $5.80 to $1,288.80 U.S. an ounce.
