Stocks in Canada’s biggest market were virtually unchanged at Monday’s open, following a triumphant conclusion to a volatile October.
The S&P/TSX composite index doffed 8.08 points to begin the day at 14,605.24.
The Canadian dollar dropped 0.15 cents to 88.47 cents U.S.
CIBC raises the rating on Canfor Pulp Products to outperform, with a price target of $17.50. Canfor Pulp shares added 25 cents, or nearly 2%, to $12.85.
Canaccord Genuity cut the target price on First Quantum Minerals to $24.00 from $27.00, with a buy rating. First Quantum docked a dime to $16.90.
National Bank Financial raised the target price on Metro Inc. to $80.00 from $74.00 with an outperform rating. Metro shares fell 2.5 cents to $79.18.
Canadian banks and credit card companies have reached a deal with the federal government to cut fees charged to retailers for credit transactions and are likely to announce the agreement this week.
ON BAYSTREET
The TSX Venture Exchange inched up 0.61 points to 770.20.
All but four of the 14 Toronto subgroups were higher to begin the day, as health-care issues acquired 0.9%, real-estate strengthened 0.5%, and gold increased 0.4%
The four laggards were weighed mostly by consumer staples, down 0.7%, while energy and material stocks surrendered 0.5% each.
ON WALLSTREET
U.S. stock futures pared earlier losses and the NASDAQ 100 inched higher on Monday after a heady two-week run.
The Dow Jones Industrials erased 40.59 points to 17,349.93
The S&P 500 lost 3.12 points to 2,014.93. The NASDAQ index moved higher by 6.62 points to 4,637.36.
The S&P has climbed 7% over the past two weeks, its best two-week showing since March 2011. But stocks around the world were pulling back on Monday after factory activity in the world’s second-largest economy hit a five-month low in October.
Meanwhile, the dollar surged to trade at about 113 Japanese yen on Monday — a level not seen since 2007.
Shares of Sapient Corp. surged 41% after French advertising group Publicis SA announced a $3.7-billion-U.S.-all-cash deal to buy the U.S. company. Publicis will pay $25 for each Sapient share, which represents a 44% premium to the closing price of Sapient on Oct. 31.
Laboratory Corp. of America Holdings said it would buy Covance Inc. for $5.9 billion in cash and stock. Covance shares jumped 25% in pre-market.
Apple Inc. is planning an investor call on Monday ahead of a potential bond sale, The Wall Street Journal reported, citing a banker working on the deal.
Argentina has banned Procter & Gamble Co. from doing business in that country, alleging that the consumer products giant has committed tax fraud, media reports said Monday. The company told the BBC it was working to understand and resolve those allegations.
Sysco Corp. said it no longer expects its acquisition of US Foods to close this year, as it reported quarterly earnings, while Herbalife Ltd and AIG Inc. to report after the close.
Data due out Monday includes the October Markit purchasing managers index. The Institute for Supply Management will release its October survey, while construction spending for September will be released at the same time. Reports on October car sales are expected throughout the morning.
Prices for 10-year U.S. Treasuries dipped, raising yields to 2.36% from Friday’s 2.34%. Treasury prices and yields move in opposite directions.
Oil prices dipped 69 cents to $79.85 U.S. a barrel.
Gold prices docked $1.60 to $1,170 U.S. an ounce.
