Canada’s main stock index erased early losses to inch up on Monday as gains in energy stocks offset a plunge in shares of First Quantum Minerals after the miner further reduced ore processing at its copper mine in Panama.
The TSX Composite gained 51.67 points into noon hour Monday to 20,227.44.
The Canadian dollar slid 0.05 cents at 72.83 cents U.S.
Shares of First Quantum Minerals sank 16 cents, or 1.1%, to $15.15, after the miner said it has further reduced ore processing at its mine in Panama, as blockades at a local port have disrupted shipments of supplies needed to power operations.
The miner is considering putting its Cobre Panama mine in care and maintenance mode from Nov. 23, two sources familiar with the discussions told Reuters on Monday.
The TSX Venture Exchange added 4.41points to 534.91.
Eight of the 12 TSX subgroups had turned higher by midday, with information technology up 0.9%, health-care and energy each better by 0.6%.
The four laggards were weighed most b y consumer discretionary stocks, down 0.4%, while consumer staples lost 0.2%, and industrials off 0.1%.
Stocks in the U.S. continue their upward journey Monday, heading into the long Thanksgiving weekend.
The Dow Jones Industrials gained 111.64 points to stop for lunch Monday at 35,058.92.
The S&P 500 moved ahead 13.52 points to 4,533.47.
The NASDAQ gained 103.19 points to 14,228.92.
Prices for the 10-year Treasury fell back, raising yields to 4.46% from Friday’s 4.44%. Treasury prices and yields move in opposite directions.
Oil prices added $2.01 to $77.90 U.S. a barrel.
Gold prices dropped $7.50 to $1,977.20.
Gains Continue into Afternoon