RTTNews - Toronto stocks are modestly higher on Monday morning, extending the gains from last week. Strength in the mining and energy sectors has led the gainers.
The S&P/TSX Composite Index has added 61.61 points or 0.56% to move at 10,892.79. The market reached its highest intraday level in 2 1/2 weeks above 10,900 earlier in the morning.
Mining stocks are up 1.3%. Inmet (IMN.TO) has gained 3.4%, First Quantum (FM.TO) is up 1.9% and Teck Resources (TCK.B.TO) has gained 1.3%.
The Energy Index has gained 1%. Canadian Natural Resources (CNQ.TO) is up 2.25%, Suncor (SU.TO) has gained 1.5% and Encana (ECA.TO) has added 1%.
On the downside, technology stocks have lost 0.8%. Research in Motion (RIM.TO) is down about a half-percent.
In corporate news, Biovail Corp. (BVF.TO) announced an agreement to buy the U.S. and Canadian rights to develop and commercialize Santhera Pharmaceuticals Holding AG's JP-1730/fipamezole for the treatment of Dyskinesia in Parkinson's Disease. Shares are up 0.5%.
Crescent Point Energy (CPG.TO) is down 0.7% after the company said it has agreed to acquire Wave Energy in a deal worth $665.3 million, plus the assumption of debt. Wave shareholders will receive 0.21 of a Crescent Point share for each Wave share, or approximately C$7.28 per share.
Magna International (MG.A.TO) shares are down 1.6% amid a Bloomberg report that General Motors may keep its ownership of Opel.
In economic news, Statistics Canada reported retail sales in current dollars rose 1.0% in June to $34.4 billion. Retail sales have risen in five of the last six months, following large drops at the end of 2008.
On Friday, the S&P/TSX Composite Index rose 130.67 points, to 10,831.18, with gauges of all but one of the major sectors closing in the green.
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