The Toronto Stock Exchange was modestly higher Monday morning, as investors had their first chance to react to European approval over the weekend on financial assistance for Greece.
Shortly after the open, the S&P/TSX composite index was up 23.58 points, or 0.18 per cent, to 13,324.45. It was playing some catch-up with markets around the world that rose on Friday, when Canada's exchanges were closed for Canada.
On Friday, U.S. Institute for Supply Management factory index came in at a better-than-expected 55.3 for June, compared to 53.5 in May.
Then over the weekend, euro-area finance ministers approved 12 billion euros ($16.8 billion Cdn) of assistance for Greece to avoid loan defaults.
However, this was tempered by a statement from ratings agency Standard & Poor's Monday that the plan being proposed for turn over bonds coming due for Greece could be viewed as "selective default."
The Canadian dollar was up 46 basis points to $1.0414 U.S..
U.S. markets were closed Monday for Independence Day.
The New York Mercantile Exchange's trading floor was closed. But in electronic trading, crude oil was up 13 cents to $95.07 U.S. a barrel. Gold was ahead $12 to $1,494.60 U.S. an ounce.
In Canada, Sun Life Financial Ltd. said Monday that its CEO Donald Stewart was stepping down as of Nov. 30, being replaced by chief operating officer Dean Connor.
European stock markets were mixed. London's FTSE index was up 34.15 points, or 0.57 per cent, to 6,023.91. In Paris, the CAC fell 5.3 points, or 0.13 per cent, to 4,002.05. Frankfurt's DAX was up 9.37 points, or 0.13 per cent, to 7,428.81.
Asian markets were up strongly. Tokyo's Nikkei index gained 97.02 points, or 0.98 per cent, to 9,965.09. Hong Kong's Hang Seng index rose 372.37 points, or 1.66 per cent, to 22,770.47. In mainland China, the Shanghai index was up 53.46 points, or 1.94 per cent, to 2,812.82.
On Thursday — the last day Canadian markets were open — the TSX was up 111.93 points, or 0.85 per cent, to 13,300.87. U.S. markets had solid gains Friday. The Dow Jones industrial average rose 168.43 points, or 1.36 per cent, to 12,582.77. The Nasdaq composite index was up 42.51 points, or 1.53 per cent, to 2,816.03.
