Canadian Stocks Pause After Win Streak -- Canadian Commentary

(RTTNews) - Canadian stocks were little changed on Monday, unable to sustain last week's positive momentum due to lingering concerns about the global economy.

The S&P/TSX Composite Index was down 1 point at 13,785.74, as gains among gold stocks helped to offset weakness in the energy sector.

Trading was subdued on a slow day for economic and corporate news. Markets were waiting for the first public comments on the U.S. economy by new Federal Reserve Chair Janet Yellen.

Yellen testifies before Congress Tuesday morning, with prepared remarks schedule for release before the opening bell.

Energy stocks struggled even as U.S. cruse held near $100 a barrel, but gold stocks rallied on signs that investors are turning to the precious metal as a safe haven.

The Gold Index rose 3.2 percent, led by Yanama Gold (YRI.TO).

Yamana expects its gold production to rise 16 percent in 2014. Shares were up more than 6 percent on heavy volume.

In other news from the mining sector, Augusta Resource Corp. (AZC, AZC.TO) said its board will meet this week to discuss a takeover offer from HudBay Minerals Inc. (HBM, HBM.TO). Augusta shares surged 27 percent, Hudbay lost 5.7 percent.

International Forest Products Ltd. (IFP_A.TO) has agreed to buy Tolleson Ilim Lumber Co. for $180 million. IFP shares were up 11 percent.

Bombardier (BBD.B.TO) says it has received an order for three of CS300 in an order valued at about $228 million. Shares were flat.