The TSX composite was higher, gaining 58.33 points to 13,339.05 in mid-morning trading on Monday. The Dow was up 15.37 to 16,035.57, while NASDAQ rose 10.83 to 4,073.36.
Guyana Goldfields Inc.
, Stock Forum
) has revised up the total capital cost of its Aurora Gold project to US$249 million and approved a spending plan to bring it to commercial production. However, the new estimate is well below an earlier estimate, after the company scaled back its plans earlier this year. The earlier estimate for the project in northern Guyana had proposed a $525-million cost for a mine with a life of 22 years and total production of nearly 4.4 million ounces of gold. Guyana was up 4.4% to $1.67 a share.
Equal Energy Ltd.
, Stock Forum
) entered into a definitive agreement to be bought up by Petroflow Energy Corporation and Petroflow Canada Acquisition Corp. for $5.43 a share. The total transaction value is approximately US$230 million. Equal gained 0.2% to $5.75 a share.
The Canadian dollar inched up 0.01 of a cent to 93.85 cents US amid a weak housing report.
Canada Mortgage and Housing Corp. said that housing starts came in at an annualized rate of 192,235 units in November, a decrease from 198,161 in October. It was also less than the 195,000 reading that economists had expected.
In the U.S., the central bank will be watching the outcome of U.S. budget talks, after policy makers cited the drag from fiscal policy in their Oct. 30 statement.
Congressional negotiators are nearing a deal to trim automatic spending cuts and break a three-year stretch of failed fiscal talks in Washington. Aides to Republican Representative Paul Ryan and Democratic Senator Patty Murray, chief negotiators on a special panel, say they are optimistic for a compromise by a Dec. 13 deadline.
The 29-member budget conference panel was set up by the legislation that ended the 16-day government shutdown in October, with the goal of getting both chambers of Congress back to regular order in devising a budget plan for Congress.
In other news, overnight, China posted its biggest trade surplus in almost five years. Exports ran ahead 12.7% from November last year, well ahead of October's 5.6% growth. But imports grew only by 5.3% year-over-year amid tepid domestic demand.
In Japan, third-quarter growth slowed more than initially estimated and the current account unexpectedly fell into deficit in October.
The price of gold gained US$5.38 to US$1,235.66 an ounce, while silver was up US$0.26 to U$19.76 an ounce.