Canadian stocks were hovering in the green Monday morning as traders remain cautious even as the outcome of the weekend Greek election is likely to prevent the nation from an abrupt departure from the euro. Also, focus is on the Group of 20 Summit that gets underway in Mexico today.
The S&P/TSX Composite Index moved up 20.39 points or 0.18 percent to 11,545.29, after adding 0.50 percent in the previous session.
Celestica Inc. (CLS.TO) eased 0.50 percent after announcing that it will close down manufacturing services for blackberry maker Research in Motion (RIM.TO) over the next six months. Shares of RIM lost close to 2 percent.
The price of crude oil was moving lower Monday morning as the outcome of the weekend Greek elections failed to improve risk appetite. Crude for July lost $1.21 to $82.82 a barrel.
In the oil patch, Crescent Point Energy (CPG.TO), Baytex Energy Corp. (BTE.TO) and Bonterra Energy (BNE.TO) were down around 2 percent each.
The price of gold moving lower for the first time in seven session Monday morning as monetary stimulus hopes fade following Greek poll outcome. Gold for August delivery was down $4.60 to $1,623.50 an ounce.
Allied Nevada Gold (ANV.TO) lost 2 percent and Yamana Gold (YRI.TO) was down over 1 percent.
Meanwhile, Extorre Gold Mines Ltd. (XG.TO) skyrocketed 65 percent to C$4.19 after announcing that Yamana Gold would acquire it for C$4.26 per share.
In the healthcare space, international pharmaceutical company Valeant Pharmaceuticals (VRX.TO) gained nearly 5 percent, while SXC Health Solutions (SXC.TO) was adding over 2 percent.
Broadcasting and wireless communications equipment maker Sierra Wireless (SW.TO) edged up 0.50 percent after it said it would acquire Sagemcom's machine-to-machine or M2M business for about 44.9 million euros
Global logistics technology solutions provider Descartes Systems Group (DSG.TO) said it has closed its acquisition of substantially all of the assets of Integrated Export Systems, Ltd. and IES Asia Ltd for about $ 35.0 million. The stock gathered nearly 2 percent.
Insurance services provider Fairfax Financial Holdings Ltd. (FFH.TO) edged up 0.10 percent after announcing that its RiverStone runoff subsidiary would buy all the outstanding shares of Brit Insurance Ltd., for about $300 million.
In economic news, Statistics Canada said non-resident investors acquired $10.2 billion of Canadian securities in April, following a divestment in the previous month. Foreign investors acquired $9.0 billion of Canadian bonds in April after a $1.2 billion divestment in March. Meanwhile, Canadian investors' holdings of foreign securities declined $2.7 billion, predominantly in bonds.
From south the border, a report from the National Association of Home Builders showed that the NAHB/Wells Fargo Housing Market Index crept up to 29 in June from a downwardly revised 28 in May. Economists had expected the index to come in unchanged compared to the 29 originally reported for the previous month.
by RTT Staff Writer
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