The Toronto Stock Exchange moved higher Monday as commodity prices fell amid continued concerns that Greece’s sovereign debt crisis could spread and derail global growth.
The S&P/TSX Composite Index prospered 57.60 points to end the day at 12,966.50
The Canadian dollar picked up 0.07 cents to 101.38 cents U.S.
Shares in Canadian Natural Resources gained five cents to $38.31.
Among base metals stocks, Hudbay Minerals Inc. was down seven cents to $13.24.
In corporate news, Bear Creek Mining shares fell 26% or $1.34 to $3.82 after it said the Peruvian government has revoked the Canadian miner’s licence to open its Santa Ana silver mine in the area. Its CEO said Monday the government decree is "illegal and unconstitutional" and the company is considering its legal options but will seek a political solution.
Taiga Building Products Ltd. shares were down 23.5% or 19 cents to 62 cents suspended its dividend on the weekend after reporting a fourth quarter net loss and lower annual profits.
The distributor of lumber and other building products said "in light of the moderating financial performance of the company, the board of directors (has) decided not to declare and pay the first instalment payment of its semi-annual dividend policy with respect of the 2011 fiscal year’s net earnings."
Aurizon Mines Ltd. shares lost 1.5% or eight cents to $5.20 after it said David Hall will leave his role as president and chief executive officer in August, to be replaced by George Paspalas.
On the economic front, traders will take in the latest growth figures from Canada and snapshots of U.S. consumer confidence and the American manufacturing sector.
Statistics Canada is expected to announce Thursday that the Canadian economy faltered in April, with growth easing by 0.1% following a 0.3% rise in March, marking the second decline in three months.
ON BAYSTREET
The TSX Venture Exchange dipped 37.61 points to 1,867.72 while the Nasdaq Canada index retreated 2.87 points to 531.18
In Toronto, all but one of the 14 subgroups ended the day higher. Health-care stocks led the day, gaining 0.9%, real-estate picked up 0.8%, industrials took on 0.7% more.
Only gold lost, and only 0.07% at that.
ON WALLSTREET
In New York, strength in the technology sector buoyed stocks Monday, as heavyweights Microsoft and Amazon both jumped more than 4%.
The Dow Jones Industrial Average picked up 108.98 points to end the day at 12,043.60, with all but one of its 30 components in the black. Microsoft led the broader index, gaining 4.4%, after the company announced a licensing deal with military contractor General Dynamics
The S&P 500 popped 11.65 points to 1,280.10. The Nasdaq Composite was up 35.39 points at 2,688.28.
Adding to the tech sector's lead, Amazon shares rose 4.8% after Morgan Stanley issued a bullish report on the company and added the tech giant to its "Best Ideas" list.
The report stated that Amazon's opportunities for global expansion are under-estimated by investors.
Meanwhile, investors are gearing up for what they hope will be a stronger second half of the year, and remain optimistic that Greece will take the measures necessary to contain its debt crisis.
Greece's parliament began a three-day debate Monday on an austerity plan mandated by the European Union and International Monetary Fund. Approval of the plan is required in exchange for a financial rescue package for the debt-stricken country.
As financial markets await developments from that meeting, don't expect to see any big moves until later in the week, according to one expert.
It has been a difficult and volatile three months for Wall Street. The Dow has fallen 3% since March 3, while the broader market S&P 500 index is down 4.3%.
As the first half of the year comes to a close on Thursday, traders will be looking ahead to company earnings -- which they expect to be strong, despite slightly weaker economic reports lately.
Microsoft shares surged after the software maker announced a licensing deal, under which military contractor General Dynamics will pay royalties for developing products using Android software.
General Dynamics' Itronix division makes rugged tablets and mobile devices using Android. And although Google owns that software -- Microsoft has already sued several companies using Android, claiming it infringes on their patents.
Citigroup said 3,400 of the customers who were hacked in its recent data breach suffered about $2.7 million U.S. in losses. The news came after the company said last week it discovered that more than 360,000 accounts had been hacked.
Shares of Chinese company LDK Solar surged 5.9%, after the company said it plans to buy back $110 million U.S. of its American depositary shares.
Appliance maker Stanley Black & Decker made a $1.2-billion U.S. offer to buy Swedish information technology company Niscayah Group. Shares of Stanley Black & Decker rose 0.2%.
Athletic apparel maker Nike is scheduled to report its earnings after the closing bell.
On the economic front, personal income rose 0.3% in May, the Commerce Department reported Monday. That was slightly lower than the 0.4% economists had forecast, and follows a 0.4% rise in April.
Spending was unchanged in May, after ticking up 0.4% in the previous month. Economists surveyed by Briefing.com were looking for spending to have edged up 0.1% last month.
The price on the benchmark 10-year U.S. Treasury was down, raising yields to 2.93% from Friday’s 2.87%. Treasury prices and yields move in opposite directions.
Oil prices faltered 53 cents to $90.62 U.S. a barrel
Gold futures for August delivery fell $4.50 to settle at $1,496.40 U.S. an ounce
