The TSX maintained its strength Monday afternoon, drawing support mostly from healthcare and financial shares.
The S&P/TSX composite index was off its highs of the day, but positive 95.77 points to end the first day of a short week at 14,908.39. Markets are shuttered Friday for Good Friday.
The Canadian dollar faded 0.55 cents to 79.79 cents U.S.
Catamaran's merger deal with UnitedHealth Group's OptumRx business remains a positive influence on the market. Catamaran shares soared $15.05, or 24.7%, to $75.89.
Base metals also solidified as Teck Resources headed skyward $2.03, or 11.6%, to $19.50.
The financial group also gained, as Royal Bank moved up 24 cents to $75.33, while TD gained 17 cents to $53.35
Gold issues faded, as Barrick Gold gave back six cents to $14.15, though St. Andrew Goldfields shares gained two cents or 8.3% to 26 cents.
Energy, however, edged up, boosted by rising natural gas prices. Suncor added 34 cents to $36.97, while Canadian Natural Resources hiked 43 cents, or 1.1%, to $39.10.
In the economic docket, Statistics Canada reported that its industrial product price index improved 1.8% in February, largely as a result of higher prices for energy and petroleum products.
The agency also said its raw materials price index recovered 6.1% last month, mainly because of higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange dropped 1.10 points to 680.33
All but three of the 14 Toronto subgroups were higher Monday, with health-care dazzling by 6.9%, metals and mining climbing 3.9%, and global base metals stronger by 3.2%.
The three laggards were gold, off 1%, information technology, slipping 0.4%, and utilities, down 0.2%.
ON WALLSTREET
U.S. stocks closed more than 1% higher on Monday amid encouraging talk of stimulus in Asia, as investors eyed the week's economic data.
The Dow Jones Industrials rocketed 263.65 points, or 1.5%, to 17,976.31, with Boeing leading gains and Intel and Microsoft the only blue-chips lagging.
The S&P 500 grew 25.22 points, or 1.2%, to 2,086.24, with energy leading sector advancers with an increase of more than 2% as oil prices fell.
The NASDAQ added 56.22 points, or 1.2%, to 4,947.44
Tuesday marks the end of the first quarter, and few earnings are expected in the abbreviated trading week. The primary data point for the week is the key March employment report, which comes out on Friday when markets are closed for Good Friday.
Several pharmaceutical firms announced deals before the open.
UnitedHealth is buying pharmacy benefits manager Catamaran for $12.8 billion U.S. or $61.50 U.S. per share and combining it with its OptumRx unit.
California-based biopharmaceutical company Hyperion Therapeutics is being bought by Ireland's Horizon Pharma for $1.1 billion U.S. in cash or $46.00 U.S. per share.
Auspex Pharmaceuticals is being bought by Teva for $101 U.S. per share, or $3.2 billion U.S. in cash. Auspex, which went public last year, specializes in treatments for patients with movement disorders and other rare diseases.
In other corporate news, Madison Square Garden plans to split into two companies, one to own its sports teams, entertainment productions, and the MSG arena, while the other would distribute the company's sports and entertainment content. MSG had revealed that it was exploring such a move back in October.
Yahoo and Microsoft will extend talks aimed at renegotiating their 10-year search partnership by 30 days. The two had originally struck the partnership in 2010 in hopes of better competing with Google.
Best Buy will consolidate and close stores in Canada, in a move that the electronics retailer said will cost it up to $280 million U.S. in restructuring charges this year.
Personal income in February was mostly in-line with consensus, posting a gain of 0.4%, above expectations of 0.3%. Consumer spending rose 0.1%
Pending homes sales were up 3.1% in February, with gains driven primarily by sales in the West and Midwest.
Prices for 10-year U.S. Treasuries lost ground, raising yields to 1.96% from Friday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices moved lower 25 cents to $48.54 U.S.
Gold prices slid $14.70 to $1,185.10 U.S.
