TORONTO: Canada's main stock index was barely higher in morning trade on Monday, helped by boosts for several big banks that reported earnings last week and by a gain for plane and train maker Bombardier Inc.
The gains were offset by a string of gold mining stocks that declined even as the price of the precious metal held near a one-month high. Wheaton Precious Metals Corp fell 1.3 percent to C$27.75 and Goldcorp Inc lost 0.8 percent to C$18.32.
Bombardier rose 4.0 percent to C$2.34. BMO Capital upgraded the stock to outperform from market perform after it said on Friday it delivered its first CS300 aircraft to customer Swiss International Air Lines AG.
The broader industrials group gained 0.4 percent, with Canadian Pacific Railway Ltd up 0.4 percent to C$214.67.
Its rival, Canadian National Railway Co, faces the threat of a strike on Tuesday morning after the railroad announced new work rules in the midst of negotiations to replace a contract that expired last year. Its stock was off 0.2 percent at C$103.53.
The financials group gained 0.2 percent, with Royal Bank of Canada rising 0.6 percent to C$94.48, Bank of Montreal gaining 0.5 to C$91.61, and Canadian Imperial Bank of Commerce up 0.6 percent at C$106.00.
Bank of Nova Scotia, which is due to report its earnings on Tuesday, was up 0.2 percent at C$76.04.
At 10:13 a.m. ET (1413 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 10.68 points, or 0.07 percent, to 15,427.61. Seven of its 10 main groups moved higher, with gainers outnumbering decliners by a 1.7-to-1 ratio.
Markets in China, the United States and Britain were closed for public holidays.
Boyd Group Income Fund advanced 10.2 percent to C$98.88 after announcing it would purchase collision repair company Assured Automotive Inc.
Husky Energy Inc shares rose 1.2 percent to C$16.35 after the oil and gas producer said it is proceeding with its $2.2 billion West White Rose project in offshore Newfoundland and Labrador.
Comments
Comments are closed.