Baystreet.ca - Canada's main stock index edged higher on Monday, helped by sharp rise in resources-linked shares, while investor caution ahead of a data-packed week in the United States contained gains.
The TSX Composite Index sprinted 94.62 points to pause for lunch hour at 22,405.92.
The Canadian dollar faded 0.04 cents to 72.75 cents U.S.
In corporate news, South Africa-based gold producer Gold Fields Ltd agreed to buy Osisko Mining (TSX:OSK) for about $2.16 billion on a fully-diluted basis. Osisko shares rocketed $1.86, or 62.9%, to $4.80.
Meanwhile, gold miner Barrick Gold (NYSE:GOLD) edged past Wall Street estimates for second-quarter profit. Barrick shares ballooned $1.84, or 8.1%, to $25.85.On matters economic beat, Statistics Canada reported building permits in Canada decreased 13.9% to $9.9 billion in June.
ON BAYSTREET
The TSX Venture Exchange restored 2.76 points noon hour to 540.35
The 12 TSX subgroups were evenly divided midday, with materials ahead 3.1%, gold up 3%, and energy rumbling 2.8%.
The half-dozen laggards were weighed mostly by real-estate, down 1%, utilities, off 0.7% , and health-care, sliding 0.6%.
ON WALLSTREET
Stocks whipsawed on Monday as investors looked ahead to key inflation data.
The Dow Jones Industrial index fell 61.54 points to 39,436.
The S&P 500 index picked up 12.01 points to 5,356.17.
The NASDAQ progressed 91.52 points to 16,836.92.
On Friday, all of the major averages rose to end the week but stopped just shy of a full recovery. The Dow finished the week lower by 0.6%, while the S&P 500 ended down just 0.04%, and the tech-heavy NASDAQ Composite finished with a 0.18% loss.
Shares of Nvidia (NASDAQ:NVDA) advanced 2% to help the NASDAQ’s climb. Peer technology stocks Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) were both were marginally higher.
The forthcoming batch of inflation data will be key for markets that remain jittery following increased volatility. Wednesday’s consumer price index report for July will be a pivotal cue as to whether the economy remains sound, or if investors will remain uneasy following July’s weak nonfarm payrolls report which contributed to the recent selloff.
Prices for the 10-year Treasury gained ground Monday, lowering yields to 3.91% from Friday’s 3.94%. Treasury prices and yields move in opposite directions.
Oil prices marched ahead $1.88 at $78.72 U.S. a barrel.
Gold prices were better by $29.70 to $2,503.10.