Canada stocks end higher but little changed
Bombardier rises
West Texas Intermediate holds firm
Having been down a tad earlier, The TSX in Canada managed a positive finish.
The largest market in Canada closed a quiet Monday at 15,421.91 - up almost five points.
The smaller TSX Venture exchange was little changed - up just around one at 809.74
Transport shares were in focus Air Canada (TSE: AC) surged 1.64% to $17.95. Bombardier (TSE:BB) raced up 3.56% to $2.33.
Canadian National Railways (TSE:CNR) lost 0.31% to $103.38 as it was on the brink of a possible strike by 3,000 employees, members of the Teamsters union.
US crude oil added 0.38% to US$49.99 a barrel.
MID-SESSION..
Canada stocks crept upwards at mid-day as Wall Street was closed.
The largest market - the S&P/TSX is up over 21 at the time of writing, at 15,438.
The Venture Exchange is also up, marginally, up 0.82 at 809.41.
The Canadian dollar firms 0.09 cents at 74.44 cents against the US dollar.
A standout gainer was network and tech group Sandvine Corp (TSE: SVC), which shot up almost 23% to $3.87 as the National Bank of Canada raised its price target to C$4.50 from C$3.25 previously.
Bombardier (TSE:BB) added over 3% to C$2.32 as BMO Capital upgraded the share to 'outperform' from 'market perform' after it said last week it had delivered its first CS300 aircraft to Swiss International Air Lines AG.
Shares in agriculture data firm Deveron UAS Corp (CSE:DVR, CSE:DVR.CN, CNSX:DVR) flew 9% higher as it received the green light to operate small unmanned airborne vehicles - drones - across Canada.
The certificate is valid for aerial data collection and surveying throughout Canada, and meets the highest level of approvals under Transport Canada's regulatory environment related to UAV activities.
OPEN...
It was not forecast, but Canadian stocks opened higher on Monday, with the TSX Composite adding over nine points to 15,426.
The TSX Venture exchange gained 1.17 points to 809.76.
A notable gainer was train and transport giant Bombardier (TSE:BBD), which gained 4% to $2.34
It comes after news earlier that Bombardier helped the UK to deliver £8bn worth of aircraft in the first quarter to end March.
Raymond James, the broker, cut its rating on Canadian mobile phone giant Blackberry Ltd (TSE:BB) to 'marketperform' from 'outperform'. Blackberry shares shed 0.60% in Toronto to C$14.86 havinbg had a good run recently.
PREVIEW..
New York markets are shut today for Memorial Day and it's a bank holiday in the UK, but Toronto is trading and futures there are pointing to a lower open.
The S&P/TSX Composite Index in Toronto added 6.2 points on Friday to finish at 15,416. June futures are down 0.1% early Monday, while the Canadian dollar has eased 0.02 cents to 74.34 cents against the US.
It's a fairly busy week ahead..
This Friday sees the publication of the closely watched non-farm payroll jobs number, or put another way - the number of private sector jobs, which were created in May.
There have been a few confidence flutters of late for the US economy, along with some doubt over how President Trump's fiscal plans will pan out, but generally the noises shave been positive ones and the view is there is likely to be a rate rise in June.
Friday's report will certainly add, or takeaway, from that viewpoint.
It comes as a strong earnings season comes to a close and an April report, which were ahead of forecasts.
S&P 500 and Nasdaq reach new highs...
On Friday gone, the S&P 500 and Nasdaq Composite Index made small gains but still reached new highs. The Dow Jones declined to join the party, shedding three points to 21,080, while the S&P hardened slightly less than a full point to 2,416, while the Nasdaq tiptoed five points higher to 6,210.
In Canada, the S&P/TSX Composite index rose six points to 15,417, but tech flagship Blackberry Ltd (TSE:BB, NASDAQ:BBRY) drifted 11 cents lower on Nasdaq to US$11.11 and 17 cents lower to C$14.95 in Toronto, despite winning a dispute over royalty payments with Qualcomm Inc (NASDAQ:QCOM).
Notably, Blackberry shares have quietly risen 61% year-to-date as the former smartphone pioneer makes the transition to a software house.
US benchmark crude (West Texas Intermediate) is firmer today 0.02% to $49.82 having taken a big knock last Thursday after the OPEC meeting extended output cuts but not as far as some had liked.
This week, energy titan ExxonMobil (NYSE: XOM), whose shares nudged up a tad after hours on Friday, will be holding its annual shareholder meet on Wednesday, and reportedly green issues are likely to be raised.
Exxon has called on Trump to remain in the Paris climate deal, which he has pledged to leave, saying it provides an "effective framework for addressing the risks of climate change".
Former Exxon boss and now Secretary of State Rex Tillerson also wants to stay with the program.