TSX edges up amid weak data from China

TORONTO • The Toronto stock market closed little changed Monday amid weak Chinese data and deal making in the Canadian financial sector.

The S&P/TSX composite index was up 9.37 points to 12,382.67 following six losing sessions with pressure coming in particular from base metals stocks.

The tepid performance followed a slide of more than 2% last week, leaving the TSX in negative territory for the year.

“I don’t think there is going to be anything too much to keep it in positive territory,” said John Stephenson, portfolio manager at First Asset Funds Inc.

“You have too much of a resource focus, a market that’s really twinned between two dominant sectors, financials being one and materials/energy being two.”

Lululemon Athletica Inc. was also in focus and its shares fell almost 9% in aftermarket trading in New York after CEO Christine Day said she is stepping down. Ms. Day will remain in the job until a successor is named. The Canadian dollar advanced, up 0.08 of a cent to US98.14¢ amid a solid report on the housing sector.

China’s trade surplus rose to $20.4-billion in May from $18.2-billion the prior month. However, export growth slowed dramatically to just 1%from a year ago. Imports slipped 0.3 per cent from yearearlier levels.

Shares of E-L Financial Corp. jumped after it announced the pending $1.125-billion sale of Dominion of Canada General Insurance Co. to Travelers Companies Inc., a major U.S. insurance company.