The Toronto stock market opened slightly higher 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 inched up 0.18 points to begin the last full week of June at 15,109.15.
The Canadian dollar gathered 0.21 cents at 93.14 cents U.S.
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.
The tech sector advanced with BlackBerry continuing to benefit from last week's well-received quarterly earnings report, up 34 cents to $10.85. Shares in the company once known as Research In Motion gained 19 cents to $10.70.
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. SNC shares zoomed $1.42, or 2.7%, to $53.82.
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. HudBay discarded 23 cents, or 2.2%, to $10.06.
On the economic front, data showed the Chinese manufacturing sector moving into expansion territory. HSBC's purchasing managers’ index hit a seven-month high at 50.8, the first time the index has moved above the 50 level since December.
However, other data showed that business activity in the euro-zone slowed for a second straight month in June. Data firm Markit said its composite purchasing managers index for the euro-zone fell to 52.8 from 53.5 in May. Activity in Germany's private sector slowed slightly, but the main source of weakness for the eurozone was once again France.
ON BAYSTREET
The TSX Venture Exchange dropped 0.45 points to 1,025.95
The 14 Toronto subgroups were evenly divided between gainers and losers. Information technology issues strengthened 0.9%, global base metals took on 0.8%, and materials gained 0.5%.
The seven laggards were weighed by health-care stocks, dipping 0.8%, consumer staples, down 0.4%, and real-estate, 0.3% less solid.
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.
The Dow Jones Industrials faded 15.35 points to kick off Monday at 16,931.73
The S&P 500 added only 0.15 points from Friday’s all-time record to 1,963.02, and the NASDAQ composite ducked back 0.11 points to 4,367.93
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. The monthly data will give an indication of how the real estate market in the States fared in May.
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.
Prices for 10-year U.S. Treasuries were higher, lowering yields to 2.60% from Friday’s 2.62%. Treasury prices and yields move in opposite directions.
Oil prices took a breather and slid 46 cents to $106.37 U.S. a barrel.
Gold prices dipped $2.20 at $1,314.40 U.S. an ounce.
