Stocks in Toronto were trading fairly flat, as mining stocks weighed on the market.
The S&P/TSX composite index remained positive, but only by 1.66 points--- off its highs of the morning -- to greet noon at 15,390.09
The Canadian dollar fell 0.19 cents to 79.33 cents U.S.
Stocks that were most influential on the index included Royal Bank of Canada, which rose 0.4% to $79.88, and Enbridge Inc, which advanced 0.8% to $63.83.
The index's materials group was down as mining stocks were hurt as copper and other commodities prices fell on worries about Chinese demand.
Gold prices retreated again as the U.S. dollar renewed its rally on expectations the U.S. Federal Reserve will raise interest rates in the coming months.
Barrick Gold shares fell 2% to $15.63. First Quantum Minerals fell 2.5% to $15.745, while Teck Resources fell 2.8% to $16.81.
News that Canadian gold miners Alamos Gold and AuRico Gold would merge in a deal valued at about $1.5 billion, sent Alamos up 5.6% to $7.825 and AuRico up 6.6% to $4.03.
ON BAYSTREET
The TSX Venture Exchange lost 3.41 points to 698.71
Nine of the 14 Toronto subgroups were lower by midday, with metals and mining sinking 2.3%, global base metals losing 1.3%, and materials doffing 0.6%.
The five gainers were led by consumer staples, up 0.5%, health-care, up 0.4%, and information technology, ahead 0.3%
ON WALLSTREET
U.S. stocks traded higher on Monday, shaking off a mostly lower open, as investors awaited the beginning of earnings season.
The Dow Jones Industrials held onto 13.42 points worth of gains to 18,071.07, with UnitedHealth and JPMorgan Chase leading advancers and General Electric the greatest decliner.
The S&P 500 index added 1.70 points to 2,103.76, with financials leading four sectors higher and energy the greatest laggard.
The NASDAQ index was higher 22.91 points to 5,018.88
Still, equities traded within narrow range on Monday as investors remained cautious ahead of the quarterly results. Corporate profit expectations are significantly negative for the first time in six years, with Thomson Reuters reporting a likely 2.9% drop in S&P 500 net income.
First-quarter earnings season officially kicks off on Tuesday with blue chips JPMorgan reporting before the bell and Intel after the close.
In U.S. corporate news, Sears struck a 50/50 joint venture deal with Simon Property, designed to unlock the real estate value in the 10 properties it will contribute to the venture. The news follows a similar deal with another mall operator, General Growth Properties, earlier this month.
Apple Watch customers will have to wait longer than expected for delivery, with Apple having pushed back shipping times to May and June after the new product saw a surge in orders. A Bank of America report estimates Apple will ship about four million Apple Watches during the June quarter.
Pandora gained after a Wall Street Journal report said rival Spotify was near a deal to raise $400 million U.S. in a round that values it at $8.4 billion U.S.
Prices for 10-year U.S. Treasuries lost ground, raising yields back to Friday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices backtracked seven cents to $51.57 U.S.
Gold prices faltered $6.80 to $1,197.80 U.S.
