TSX Higher to Begin Week

Canada's main stock index opened slightly higher on Monday aided by gains in materials and energy stocks, but shares of Northern Dynasty Minerals Ltd fell, logging the company's worst day in over a week on going concern worries.

The TSX took on 26.09 to open Monday and the week at 20,445.71.

The Canadian dollar erased 0.24 cents to 74.01 cents U.S.

Northern Dynasty sank two cents, or 4.8%, to 29 cents.

Vermilion Energy lowered its current quarter production outlook due to a shut-in caused by the wildfires in West Central Alberta. Shares in Vermilion eked up two cents to $15.94.

Statistics Canada said wholesale sales excluding petroleum fell 0.1% to $85.6 billion in March. The decrease in sales was mainly led by the miscellaneous subsector and machinery equipment and supplies subsector.

ON BAYSTREET

The TSX Venture Exchange inched ahead 0.02 points to 617.86.

Seven of the 12 TSX subgroups were positive in the first hour, with materials ahead 0.8%, gold brighter 0.7%, and real-estate better 0.6%.

The five laggards were weighed most by consumer discretionary issues, down 0.4%, while industrials and consumer staples declined 0.3% each.

ON WALLSTREET

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The S&P 500 fell slightly Monday following back-to-back weekly losses for the Dow Jones Industrial Average and S&P 500, as traders assessed ongoing debt ceiling negotiations.

The blue-chip index blundered 132.01 points to begin the week at 33,168.61.

The much-broader index lost 11.85 points to 4,112.23.

The NASDAQ Composite lost 16.37 points to 12,268.37.

On Monday, investors digested the May data for Empire State Manufacturing survey, which showed a collapse in manufacturing activity in New York. The survey fell 43 points from April to a reading of -31.8, below the Dow Jones estimate of -5.

Prices for the 10-year Treasury withered, hoisting yields to 3.46% from Friday’s 3.46%. Treasury prices and yields move in opposite directions.

Oil prices jumped 75 cents to $70.79 U.S. a barrel.

Gold prices grabbed $5.20 to $2,025 U.S. an ounce.