The Toronto stock market looked set to open little changed Monday amid mixed economic news from China and Europe and major deal making in the industrial and mining sectors.
The S&P/TSX composite index shed 3.12 points to end Friday and the week at 15,109.10.
The Canadian dollar hiked 0.24 cents to 93.17 cents U.S. early Monday
The TSX ran ahead 0.7% last week in a series of new highs for the Toronto market, finally surpassing its old record close of 15,073 hit in the middle of 2008 just before the global financial crisis. The showing left the Toronto market up more than 10% year to date.
SNC-Lavalin Group Inc. is acquiring U.K.-based Kentz Corp. Ltd., a global engineering firm that provides services to the oil and gas sector and operates in 36 countries in a deal worth $2.1 billion.
HudBay Minerals Inc. is buying Augusta Resource Corporation in a friendly takeover deal worth $555 million. HudBay had revised its offer on Friday and Augusta shareholders will receive now receive 0.315 of a HudBay common share along with 0.17 of a warrant to acquire a common share of HudBay for each Augusta common share.
ON BAYSTREET
The TSX Venture Exchange sidled back 1.19 points Friday to 1,020.87
ON WALLSTREET
Global stock markets are under pressure and oil prices are rising to fresh nine-month highs as markets begin the final week of a record-setting first half of 2014.
Ahead of the opening bell, futures for the Dow Jones Industrials added 16 points, or 0.1%, to 16,874. Futures for the S&P 500 nicked up 0.10 points to 1,953.30, and futures for the NASDAQ fell 3.5 points, or 0.1%, to 3,789.75.
Crude oil prices rose Monday as investors worry about militants taking over large parts of Iraq. The country, which is a major oil producer, has been thrown into an intensifying conflict as members of the militant group ISIS battle with Iraq forces.
Shares in General Electric were getting a slight boost in pre-market trading after Alstom agreed to sell its energy operations to the U.S group, under a revised proposal that gives the French government a minority stake in some parts of the business.
The original proposal had faced opposition from some French politicians worried about GE taking control of critical French infrastructure. Alstom said the new deal would give the French government "veto [powers] and other governance rights over issues relating to security and nuclear plant technology in France."
Investors are awaiting U.S. existing home sales figures to be posted at 10 a.m. ET. The monthly data will give an indication of how the real estate market fared in May.
European markets were all in the red. Asian markets ended with mixed results despite the strongest reading of Chinese manufacturing activity in seven months.
Oil prices dropped eight cents to $106.75 U.S. a barrel
Gold prices slid $2.30 at $1,314.30 U.S. an ounce.
