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Stocks in Toronto were higher shortly after the open on Monday, as most key sectors advanced, including the influential energy and financial groups.
The S&P/TSX composite index moved forward 53.52 points to open the day and the week at 13,700.42
The Canadian dollar moved lower 0.04 cents at 75.59 cents U.S.
There has been strong interest in a package of six U.S. gold assets that Barrick Gold Corp wants to sell, a senior Barrick executive said on Sunday, adding that he expects a deal to close before year end.
Denver-based Newmont Mining Corp and Toronto-based Kinross Gold Corp are likely buyers of the assets, an investment banking source said, speaking on condition of anonymity. Kinross declined to comment and Newmont could not immediately be reached for comment.
Barrick shares dipped 13 cents, or 1.5%, to $8.80, while Kinross shares were unchanged at $2.42.
Magna International’s CEO says falling cost of intelligent robots may help repatriate some car manufacturing work away from low-cost locations like China back to factories in Germany and North America.
Donald Walker told media outlets that rising wages in China and the cost of importing heavy components like electric car batteries into Europe may lead established car makers to introduce more highly efficient automated manufacturing closer to home.
Magna shares retreated 41 cents to $65.44
Credit Suisse cut target price on Denison Mines to $1 from $1.35 considering the company displays sensitivity to spot and long-term uranium prices.
Denison shares added a penny to 57 cents.
Credit Suisse cut the target price on Paladin Energy to 25 cents from 35 cents to reflect capital raising/refinancing risk and price sensitivity to lower than expected spot and long-term uranium prices.
Paladin shares docked two cents, or 10%, to 18 cents.
On the economic calendar, Statistics Canada reported that wholesale trade –was unchanged in July at $55.4 billion. The agency said higher sales in three sub-sectors, representing 52% of wholesale sales, were offset by lower sales in other sub-sectors.
ON BAYSTREET
The TSX Venture Exchange moved up 1.91 points to 551.82
All but four of the 14 TSX subgroups were ahead to begin the day, as utilities took on 1.4%, industrials strengthened 0.9%, and energy boosted 0.7%.
The four laggards were weighed mostly by metals and mining, down 2.1%, materials, off 1.1%, and gold, sinking 0.9%.
ON WALLSTREET
U.S. stocks opened higher Monday as Wall Street continued to digest last week's rate hike decision amid comments from several Federal Reserve speakers.
The Dow Jones industrial average recovered 111.24 points to 16,495.82, after Friday’s slump of nearly 300 points, with Goldman Sachs leading advancers and Merck and Cisco the only decliners.
The S&P 500 moved up 14.97 points to 1,973. Financials gained about 1% as the greatest S&P sector advancer.
The NASDAQ index improved 34.16 points to 4,861.39
U.S. stock index futures held higher after St. Louis Federal Reserve President James Bullard said he would have dissented on the central bank's decision to hold rates low.
Atlanta Fed President Dennis Lockhart speaks at 1:30 p.m.,ET, Monday. Fed Chair Janet Yellen speaks Thursday.
Ahead of other housing data due in the week, August existing home sales fell more than expected to an annual rate of 5.31 million, a 4.8% drop.
Greece is also in focus following an election on Sunday in which Alexis Tsipras' left-wing Syriza party returned to power with an unexpected election win, with a mandate to implement a bailout plan.
Prices for 10-year U.S. Treasuries sank, lifting yields to 2.18% from Friday’s 2.13%. Treasury prices and yields move in opposite directions.
Oil prices popped 99 cents a barrel to $45.67 U.S.
Gold prices slid $5.60 to $1,132.20 U.S. an ounce.
