The Toronto stock market was positive in afternoon trading Monday as traders, feeling more confident, bought stocks across most sectors.
The S&P/TSX composite index ended the session ahead 20.08 points to 13,811.93
The Canadian dollar was down 0.26 cents to 100.9 cents U.S.
Teck Resources was up 34 cents at $62.10 a day before the company releases earnings and Quadra FNX Mining climbed 23 cents to $14.68.
The industrials sector gained ground, with Bombardier Inc. ahead a penny at $6.23.
The financial sector was also supportive, with insurers leading the way. Manulife Financial climbed 31 cents to $19.15 while Sun Life Financial rose 31 cents to $33.33.
The gold sector rose as Aurizon Mines improved by three cents to $6.89.
Shares in Crystallex International Corp. plunged 39.1% to 14 cents on 7.3 million shares after the company said Sunday that its contract to develop the Las Cristinas gold mine in Venezuela has been unilaterally terminated. Crystallex has considered the Las Cristinas mine in southern Bolivar state to be its principal asset, estimating it holds about 17 million ounces of gold.
Among energy issues, Canadian Natural Resources settled 17 cents to $43.98 while Talisman Energy was up 19 cents at $22.94.
Telus says it will begin offering a service to unlock mobile phones that use SIM cards starting next week. The telecom company says that starting Feb. 15 its customers will be able to pay $50 to have their mobile phones unlocked, a move that would allow the devices to work on other carrier’s networks. Telus shares settled three cents to $49.68.
Earnings will be a major focus for Canadian investors this week with several major corporations reporting, with Teck and Gildan Activewear report on Tuesday.
Also, fertilizer company Agrium, WestJet and forestry company Canfor are slated for Wednesday, while BCE Inc. Air Canada Shoppers Drug Mart and gas giant EnCana hand in earnings on Thursday.
Uranium miner Cameco wraps up the week on Friday.
In the economic docket, Statistics Canada reported this morning that a sharp rise in building permits for multi-family dwellings helped boost the overall value of Canadian building permits by 2.4% in December from November
ON BAYSTREET
The TSX Venture Exchange picked up 4.74 points to 2,375.03, while the Nasdaq Canada index ducked lower 1.63 to 785.37.
In Toronto, 10 of the 14 subgroups remained in positive country. Metals and mining led the parade by gaining 1%, while global base metals and information technology tacked on 0.7%.
The four laggards were weighed mostly by consumer staples and telecoms, off 0.5% each, and energy stocks, down 0.3%.
ON WALLSTREET
In New York, investors started the week in high spirits Monday, welcoming several major mergers as signs that Big Business is more bullish about the economy.
The Dow Jones Industrials added 69.48 points to end the session at 12,161.60.
The S&P 500 index gained 8.18 points to 1,319.05. The tech-rich Nasdaq Composite Index acquired 14.69 points to 2,783.99.
The biggest deals of the day include AOL's acquisition of news blog The Huffington Post for $315 million U.S., and a merger between oil drillers Ensco and Pride International
The diversified manufacturing company Danaher will also buy medical device maker Beckman Coulter for $6.8 billion U.S.
Shares of Pride and Beckman Coulter both surged Monday, following the news.
Investors welcomed the Danaher-Beckman Coulter deal as a strong sign for the biomedical industry. Danaher's $5.8-million U.S. offer valued Beckman Coulter at a 45% premium.
Meanwhile, the AOL-Huffington Post deal boosted shares of other media companies. The New York Times climbed 2.6% and Gannett shares rose 3.4%.
In addition to some major deals, company earnings were also market movers.
Humana fell 3.1% after the health benefits provider reported fourth-quarter earnings that missed analysts' expectations. The company said it earned 63 cents U.S. per share, versus a forecast of 81 cents U.S.
Hasbro said its fourth-quarter earnings fell to 99 cents U.S. per share from $1.09 U.S. a year ago, but its shares rose 1.8%.
U.S.-listed shares of Nokia were up 2% following reports that a management shakeup is brewing at the Finnish cellphone company.
Sysco said its second-quarter earnings fell 3.8% due to higher commodities
On the economic front, in a speech to more than 200 members of the U.S. Chamber of Commerce Monday, President Obama made the case for ramping up spending on education and infrastructure to promote economic growth. The speech is seen as another sign of the thawing relationship between the administration and business community.
A report by the Federal Reserve showed consumer credit rose more than expected in December, climbing by a seasonally adjusted $6.1 billion in December, after increasing by $2 billion U.S. the previous month.
The price on the benchmark 10-year U.S. Treasury improved, pushing the yield down to 3.64% from 3.65% Friday. Treasury prices and yields move in opposite directions.
Oil for February delivery tripped $1.71 to $87.32 U.S. a barrel.
Gold futures for April delivery fell 80 cents to settle at $1,348.20 U.S. an ounce on the Chicago Mercantile Exchange.
