Equities in Toronto remained afloat midday Monday as higher bond yields supported its biggest banks and insurers and its base metal miners got a boost from copper prices hitting their highest in two years.
The S&P/TSX Composite Index was positive 22.68 points to greet noon at 15,151.33, on track for a 0.2% slip on the month
The Canadian dollar sprang up 0.36 cents to 80.03 cents U.S.
Meanwhile, Hudson's Bay Co rose 2.6% to $10.87 after activist investor Land and Buildings Investment Management threatened a proxy war at the Canadian retailer if it did not take steps to "enhance shareholder value."
The heavyweight financials group gained, with insurer Manulife Financial Corp adding 1.1% to $25.73.
The materials group gained, even as several gold miners weighed.
Copper prices were at a two-year peak, boosted by a Chinese government-led infrastructure push that kept construction humming in the world's second-largest economy.
First Quantum Mineral added 3% to $13.86 and Teck Resources rose 1.9% to $26.87.
Gold miners were more mixed, however, with several slipping even as the price of bullion hit its highest in nearly seven weeks on a struggling U.S. dollar.
Eldorado Gold fell 6.8% to $2.61, hitting its lowest since 2005, as several analysts cut their recommendations and price targets on the stock following disappointing earnings on Friday.
Elsewhere in the sector, B2Gold Corp fell 4.8% to $3.20.
NexGen Energy jumped 6.9% to $3.25 after the uranium explorer reported the results of an initial economic assessment of its Arrow deposit in Saskatchewan.
The energy group retreated, with Encana down 1.7% at $12.42 and Canadian Natural Resources off 0.6% at $38.28.
On matters macroeconomic, Statistics Canada reported that its industrial product price index declined 1.0% in June, mainly due to lower prices for energy and petroleum products. The Raw Materials Price Index declined 3.7%, primarily due to lower prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange dropped 0.78 points Monday to 771.79.
Seven of the 12 TSX subgroups were positive to start the day, with industrials up 0.5%, while financials and materials each up 0.4%.
The five laggards were weighed most by health-care, down 0.5%, energy, failing 0.4%, and utilities, off 0.04%.
ON WALLSTREET
The Dow Jones industrial average hit a record high on Monday as Wall Street cheered on what's been a strong earnings season.
The Dow hiked 79.09 points to 21,909.40, with Boeing contributing the most gains. Boeing shares rose 1.2% after announcing it expects a record number of aircraft orders from India. The announcement came about a week after posted better-than-expected quarterly results.
The S&P 500 stayed higher 0.37 points to 2,472.47, with real estate and information technology leading decliners and financials outperforming.
The NASDAQ dropped 22.3 points to 6,352.25, as large-cap tech stocks like Facebook and Alphabet pulled back.
This earnings season has largely provided positive surprises for investors. In all, experts say, 73% of the S&P 500 companies that had reported as of Friday had topped estimates on both the top and bottom lines
Up on the earnings docket for this week are Apple, Mondelez, Yum Brands and Tesla, among others.
In other corporate news, Discovery Communications agreed to buy Scripps Networks for $14.6 billion in cash and stock, or $90 per share.
North Korea tested an intercontinental ballistic missile last week which landed in the Sea of Japan, raising concerns that more parts of the U.S. could be at risk of an attack. Meanwhile in Washington, the White House saw a major shake-up after John Kelly replaced Reince Priebus as President Trump's chief of staff.
In economic news, pending home sales rose 1.5% in June.
Prices for the benchmark 10-year Treasury note regained strength, lowering yields to Friday’s 2.29%. Treasury prices and yields move in opposite directions.
Oil prices slid 40 cents to $49.31 U.S. a barrel
Gold prices dropped $1.20 to $1,274.10 U.S. an ounce.
