Investors shook off the initial shock of unfavourable economic news from Japan and drove markets in Toronto slightly higher soon after Monday’s opening bell.
The S&P/TSX composite index gained 42.53 points to begin the week at 14,885.63
The Canadian dollar docked 0.29 cents to 88.33 cents U.S.
Canadian buyout firm Onex Corp. is leading the bidding for Swiss packaging group SIG Combibloc Group, according to a source familiar with the deal. Onex shares began the day 28 cents higher to $62.34.
Osisko Gold Royalties Ltd, which holds interests in gold assets across Canada, said it would buy gold explorer Virginia Mines for about $479 million. Osisko Gold Royalties slipped 52 cents, or 3.4%, to $14.90.
JPMorgan Chase said its agreement relating to the Sears Card and Sears MasterCard credit cards in Canada will terminate on the expiration date of Nov. 15, 2015, a setback for the struggling clothing and household goods retailer. Sears Canada shares took on nine cents to $10.95.
Economically speaking, the world's third-largest economy unexpectedly shrank by an annualized 1.6% in July-September.
At home, Statistics Canada reported that Canadians bought up more foreign securities in September, adding $8.6 billion worth to their holdings. Meanwhile, foreign investment in Canadian securities slowed to $4.4 billion, mostly private corporate instruments.
Elsewhere, the Canadian Real Estate Association reported that national home sales rose 0.7% from September to October. CREA also said actual (not seasonally adjusted) activity stood 7% above October 2013 levels.
ON BAYSTREET
The TSX Venture Exchange inched up 0.61 points to 777.24.
All but four of the 14 Toronto subgroups were higher in the early going, with consumer staples advancing 1.2%, telecoms up 1%, and industrials gaining 0.6%.
The four laggards were weighed mostly by energy, down 0.3%, while global base metals and information technology stocks suffered 0.2% each.
ON WALLSTREET
The U.S. stock market opened slightly lower on Monday as news that Japan fell into recession, as well softer-than-expected manufacturing data weighed on sentiment.
The Dow Jones Industrials slid 0.38 points to 17,634.36.
The S&P 500 was down 0.33 points at 2,039.49. The NASDAQ index dipped 1.58 points to 4,686.96.
Deal news is likely to grab investors' attention, after Halliburton Co. agreed to purchase its rival oil-services provider in a cash-and-stock deal valued at $34.6 billion U.S.
Economically, both the Empire State manufacturing index and industrial production came in below forecasts.
Prices for 10-year U.S. Treasuries listed lower, raising yields to 2.33% from Friday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices doffed 90 cents to $74.92 U.S.
Gold prices slipped $1.60 to $1,184 U.S.
